The three major A-share indices of Shanghai and Shenzhen opened high by 0.7% to 2.3%, chip stocks performed well, and the three major oil companies retreated

AASTOCKS
2026.03.05 01:30

The central parity rate of the RMB against the US dollar is reported at 6.9007, an increase of 117 points from the previous day. The People's Bank of China today (5th) conducted a 23 billion RMB (same below) seven-day reverse repurchase operation in the open market, with the operation rate remaining at 1.4%. Today, 320.5 billion RMB of reverse repos are maturing, resulting in a net withdrawal of 29.75 billion RMB for the day.

The fourth session of the 14th National People's Congress held its opening meeting this morning at 9:00 AM at the Great Hall of the People. President Xi Jinping and other party and state leaders attended.

The three major indices of A-shares opened higher. The Shanghai Composite Index opened at 4,109 points, up 0.7% or 27 points. The Shenzhen Component Index opened at 14,160 points, up 242 points or 1.7%. The ChiNext Index opened at 3,236 points, up 71 points or 2.3%.

Domestic bank stocks, Industrial and Commercial Bank of China (601398.SH) and China Construction Bank (601939.SH), opened lower by 0.6% and 0.7%, respectively. In addition, Contemporary Amperex Technology Co., Limited (300750.SZ) opened up 1.7%. BYD Company (002594.SZ) also opened up 0.8%.

The three major oil companies fell back, with China National Offshore Oil Corporation (600938.SH), PetroChina (601857.SH), and Sinopec (600028.SH) opening lower by 2% to 4.5%.

Gold-related stocks rose, with Shandong Gold (600547.SH), Chifeng Jilong Gold Mining (600988.SH), Zhongjin Gold (600489.SH), and Zhaojin Mining Industry Company Limited (000506.SZ) opening up 0.2% to 1.7%.

Chip stocks performed well, with Semiconductor Manufacturing International Corporation (688981.SH) A-shares opening up 1.8%. Hua Hong Semiconductor (688347.SH) A-shares opened up 2.3%. AI chip stock Cambricon Technologies Corporation Limited (688256.SH) opened up 2.8%. Domestic GPU stock Muxi Co., Ltd. (688802.SH) and Moore Threads (688795.SH) opened up 2.3% and 2%, respectively. Muxi Co., Ltd. expects its first-quarter loss to narrow to between 90.7572 million RMB and 182 million RMB

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