The three major A-share indices of the Shanghai and Shenzhen stock exchanges opened higher by 0.7% to 1.7%, chip stocks rebounded, while oil and gold stocks continued to decline

The central parity rate of the RMB against the US dollar was raised by 87 points today, reported at 6.9608 to one US dollar. The People's Bank of China today (3rd) conducted a seven-day reverse repurchase operation in the open market amounting to 105.5 billion RMB (same below), with the operation rate remaining at 1.4%. Today, 402 billion RMB of reverse repos are maturing, resulting in a net withdrawal of 296.5 billion RMB for the day.

The three major A-share indices opened higher. The SSE Index opened at 4,043 points, up 0.7% or 28 points. The Shenzhen Index opened at 13,986 points, up 162 points or 1.2%. The ChiNext opened at 3,318 points, up 53 points or 1.7%.

Banking stocks were slightly weak, with Industrial and Commercial Bank of China (601398.SH) and China Construction Bank (601939.SH) both declining by 1.4% and 1% respectively after the market opened. ZTE Corporation (000063.SZ) opened up 1%, as the company plans to invest 117 million RMB to subscribe to shares of the Jianxing Zhanlu Fund.

Among the three major oil stocks, China National Offshore Oil Corporation (600938.SH), PetroChina (601857.SH), and Sinopec (600028.SH) opened lower by 0.1% to 1%. Intercontinental Oil and Gas (600759.SH) and Sinopec Oilfield Service (600871.SH) both hit the daily limit down.

International gold and silver prices fluctuated, and gold-related stocks continued to decline, with Shandong Gold (600547.SH), Chifeng Jilong Gold Mining (600988.SH), and Zhongjin Gold (600489.SH) opening down by 6.1% to 8.2%. Zhaojin Mining Industry (000506.SZ) opened at the daily limit down.

Chip-related stocks rebounded at the opening, with SMIC A (688981.SH) and Hua Hong (688347.SH) opening up 1.4% and 2.8% respectively. AI chip stock Cambricon (688256.SH) opened up 1%. Xindao Technology (688230.SH) opened up 6.9%, with its net profit for 2025 expected to decline by 4.91% year-on-year, proposing a dividend of 4.3 RMB per 10 shares.

In addition, Contemporary Amperex Technology Co., Limited (300750.SZ) opened flat. BYD (002594.SZ) opened up 0.2%