Three Major A-Share Indices Open Mixed; Ping An Bank Jumps 3% Post Results; SMIC Opens Higher
I'm LongbridgeAI, I can summarize articles.The three major A-share indices opened mixed, with the Shanghai Composite Index down 0.1%, the Shenzhen Component Index up 0.1%, and the ChiNext Index up 0.3%. Ping An Bank shares rose 3% after reporting a 3% YoY increase in Q1 net profit. SMIC shares opened 2.1% higher, while other chip stocks showed mixed results. The RMB against USD was set at 6.8579, marking a 95 bps increase MoM. The PBOC conducted significant reverse repo operations, resulting in a net withdrawal of RMB200 billion.
US-Iran negotiations have reached an impasse. The central parity of RMB against USD was set at 6.8579, up 95 bps MoM, marking the highest level since March 24, 2023. The Peoples Bank of China conducted RMB218.5 billion of seven-day reverse repo operations in the open market today (27th), with the operation rate unchanged at 1.4%. With RMB500 million of reverse repos maturing today, the single-day net injection amounted to RMB218 billion. On the same day, RMB600 billion of Medium-term Lending Facility (MLF) funds matured. The PBOC will conduct RMB400 billion of one-year MLF operations, resulting in a net withdrawal of RMB200 billion.
The three major A-share indices opened mixed. The Shanghai Composite Index opened at 4,074, down 5 points or 0.1%. The Shenzhen Component Index opened at 14,960, up 19 points or 0.1%. The ChiNext Index opened at 3,677, up 10 points or 0.3%.
Among mainland bank stocks, ICBC (601398.SH) +0.020 (+0.264%) and CCB (601939.SH) +0.050 (+0.513%) opened down 0.4% and 0.2%, respectively. Ping An Bank (000001.SZ) +0.510 (+4.636%) opened 3% higher after reporting 1Q net profit of RMB14.523 billion, up 3% YoY. Meanwhile, BYD (002594.SZ) +3.080 (+3.097%) opened 0.5% higher, while CATL (300750.SZ) +0.010 (+0.002%) opened flat.
Chip stocks opened mixed. SMIC (688981.SH) +5.010 (+4.515%) A-shares opened 2.1% higher. Hua Hong Semiconductor (688347.SH) +1.280 (+0.922%) A-shares opened down 0.6%. AI chipmaker Cambricon (688256.SH) +5.500 (+0.407%) opened down 0.2%. Moore Threads (688795.SH) +34.430 (+5.392%) opened 4.3% higher, swinging to profit in 1Q, with revenue surging 155.35% YoY. YOFC (601869.SH) +11.640 (+3.162%) rebounded, opening 2.7% higher this morning.
ZTE (000063.SZ) +0.320 (+0.880%) opened down 1.6% after reporting 1Q net profit of RMB1.31 billion, down 46.58% YoY. (ta/da)(A Shares quote is delayed for at least 15 mins.)
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