The three major A-share indices of Shanghai and Shenzhen showed mixed performance in the first half of the day, with oil, gas, and precious metal-related stocks rising against the trend

The central parity rate of the RMB against the US dollar was raised by 103 points today, reported at 6.9755 against one US dollar, reaching a high not seen in over two and a half years since May 2023. The People's Bank of China today (28th) conducted a seven-day reverse repurchase operation of 377.5 billion RMB (the same below) in the open market, with the operation rate remaining at 1.4%. Today, 363.5 billion RMB of reverse repos matured, resulting in a net injection of 14 billion RMB for the day.

The three major A-share indices showed mixed performance in the morning session. The Shanghai Composite Index closed at 4,160 points, up 20 points or 0.5%, with a turnover of 868.6 billion RMB; the Shenzhen Component Index closed at 14,342 points, up 12 points or 0.09%, with a turnover of 1.04 trillion RMB; the ChiNext Index closed at 3,330 points, down 12 points or 0.4%, with a turnover of 489 billion RMB.

Domestic bank stocks Industrial and Commercial Bank of China (601398.SH) and China Construction Bank (601939.SH) rose by 0.1% and 0.6%, respectively. Domestic real estate company Vanke A (000002.SZ) rose by 2.5%, as it received a loan of no more than 2.36 billion RMB from Shenzhen Metro Group. The proposal to extend Vanke's medium-term notes was approved, temporarily avoiding the risk of public debt default. In addition, CATL (300750.SZ) and BYD (002594.SZ) each fell by 0.6%. Ganfeng Lithium (002460.SH) initially rose and then fell, down 0.4% at midday, with the company expected to turn a profit of 1.1 billion to 1.65 billion RMB in 2025.

International oil prices rose, with major oil stocks CNOOC (600938.SH) and PetroChina (601857.SH) rising by 7.5% and 4.6%, respectively. Sinopec (600028.SH) rose by 2.7%. Intercontinental Oil and Gas (600759.SH) rose by 8.5%. Sinopec Oilfield Service (600871.SH) hit the daily limit.

International gold prices reached new highs, with spot gold prices breaking the 5,200 USD per ounce mark for the first time. Gold-related stocks rose, with Silvercorp Metals (601212.SH) and Zhaojin Mining (000506.SZ) both hitting the daily limit. Hunan Gold (002155.SZ) also hit the daily limit again, with the company clarifying that there is uncertainty about whether the market price of gold products can continue to rise or maintain high levels in the future. Zhongjin Gold (600489.SH) rose by 9%, with last year's net profit expected to increase by 41.76% year-on-year to 594.8 million RMB. The company clarified that it mainly engages in the research and development, processing, retail, wholesale, and repurchase of gold jewelry, and does not hold exploration or mining rights.

Zijin Mining (601899.SH), Shandong Gold (600547.SH), and Chifeng Jilong Gold (600988.SH) rose between 3.8% and 8.9%.

In the chip sector, SMIC A (688981.SH) and Hua Hong Semiconductor (688347.SH) rose by 1.6% and 1.1%, respectively. AI chip stock Cambricon (688256.SH) fell by 0.3%. Domestic GPU stock Muxi Co., Ltd. (688802.SH) rose by 0.7%, as it launched the Xisuo X series scientific intelligent GPU, expecting a narrowing of net losses in 2025 to between 650 million and 798 million RMB Zhongwei Semiconductor (688380.SH) opened high and rose 14.4%. The company issued a price increase notice, deciding to adjust the prices of products such as MCU and Norflash, with an increase of 15% to 50%.

CanSino (688185.SH) opened high but fell during the half-day, down 2%. The company expects to turn a profit in 2025, earning between 24.5 million and 29 million yuan