The three major A-share indices in Shanghai and Shenzhen showed mixed performance, with the Shanghai Composite Index rising 0.9% for the day. Real estate and airline stocks rose, while chip stocks continued to decline

AASTOCKS
2026.02.04 07:00

RatingDog's general services industry activity index for China in January recorded 52.3, higher than the market expectation of 52, and the previous value of 51.7, indicating that China's service industry activity continues to expand. The latest index value is also higher than the 52 recorded in December 2025, marking the highest level in three months.

The People's Bank of China today (4th) conducted a seven-day reverse repurchase operation in the open market amounting to 75 billion yuan (same below), with the operation rate remaining at 1.4%. Today, 377.5 billion yuan of reverse repos are maturing, resulting in a net withdrawal of 302.5 billion yuan for the day.

To maintain ample liquidity in the banking system, the People's Bank of China will also conduct a fixed-amount, interest rate bidding, and multiple price level bidding reverse repurchase operation of 800 billion yuan, with a term of three months (91 days).

The three major A-share indices initially fell before developing individually, with the Shanghai Composite Index fluctuating and steadily rising, while the ChiNext Index narrowed its decline in the afternoon. The Shanghai Composite Index closed up 34 points or 0.9% at 4,102 points, with a turnover of 1.06 trillion yuan. The Shenzhen Component Index closed up 29 points or 0.2% at 14,156 points, with a turnover of 1.42 trillion yuan. The ChiNext Index closed down 13 points or 0.4% at 3,311 points, with a turnover of 675.6 billion yuan.

Banking stocks rose steadily, with Industrial and Commercial Bank of China (601398.SH) and China Construction Bank (601939.SH) each rising by 0.8%. Additionally, Contemporary Amperex Technology Co., Limited (300750.SZ) rose by 4.9%. BYD Company (002594.SZ) rose by 2%.

Real estate stocks continued to strengthen, with Rong'an Real Estate (000517.SZ), Beijing Investment Development (600683.SH), and I Love My Home (000560.SZ) all hitting the daily limit.

The three major oil stocks were favored, with CNOOC (600938.SH) and PetroChina (601857.SH) rising by 0.7% and 0.9%, respectively. Sinopec (600028.SH) rose by 3.2%.

International gold prices rebounded, with spot gold rising above 5,000 USD, but gold-related stocks opened high and closed low, with Shandong Gold (600547.SH), Chifeng Jilong Gold Mining (600988.SH), Zhongjin Gold (600489.SH), and Zhaojin Mining (000506.SZ) falling by 2.3%-5.8%.

Coal stocks rose, with Yunnan Coal Energy (600792.SH), Yanzhou Coal Mining (600188.SH), Dayou Energy (600403.SH), and China Coal Energy (601898.SH) all hitting the daily limit. Panjiang Coal and Electricity (600395.SH) rose by 6.8%.

Aviation stocks rose, with China Eastern Airlines (600115.SH) hitting the daily limit. Air China (601111.SH) and China Southern Airlines (600029.SH) rose by 7% and 6.9%, respectively.

Chip-related stocks continued to decline, with SMIC A (688981.SH) and Hua Hong Semiconductor (688347.SH) falling by 1% and 4.4%, respectively. AI chip stock Cambricon (688256.SH) fell by 5.3% Domestic GPU stocks MuXi Co., Ltd. (688802.SH) and Moore Threads (688795.SH) fell by 1.7% and 2%, respectively

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