<div id="readability-page-1"><div>The RMB central parity against the USD was set at 6.8171, lowered by 21 bps MoM. The PBOC conducted RMB524.5 billion of 7-day reverse repos at an unchanged operation rate of 1.4%. With RMB449.5 billion of reverse repos maturing, the single-day net injection amounted to RMB75 billion. The three major A-share indices opened 0.2% to 0.4% lower, with losses widening toward midday, falling 0.4% to 2.3% by the half-day close.The Shanghai Composite Index closed at 4,147 at midday, down 15 points or 0.37%, with turnover of RMB1.07 trillion. The Shenzhen Component Index retreated from a more than 10-year peak, falling 300 points or 1.83% to 16,072, with turnover of RMB1.25 trillion. The ChiNext Index pulled back from a record high, dropping 98 points or 2.27% to 4,260, with turnover of RMB605.441 billion.Banking stocks advanced, with ICBC (601398.SH) +0.180 (+2.500%) up 2.5%, CCB (601939.SH) +0.130 (+1.308%) and CMB (600036.SH) +0.130 (+0.345%) rising 1.3% and 0.4%, respectively. Insurers were mixed, as CHINA LIFE (601628.SH) +0.040 (+0.110%) edged up 0.1% while CHINA PACIFIC INSURANCE (601601.SH) -0.570 (-1.803%) fell 1.8%. In addition, BYD Company (002594.SZ) -1.650 (-1.884%) declined 1.9%. CONTEMPORARY AMPEREX (300750.SZ) -7.390 (-1.807%) slipped 1.8%. The company is reportedly planning to build electric truck battery-swapping stations in Europe and intends to begin delivering its first sodium-ion battery solutions to domestic customers starting September.Among chipmakers, SMIC (688981.SH) -1.570 (-1.078%) fell 1.1%, while HUA HONG GRACE (688347.SH) +11.900 (+4.250%) rose 4.3%. AI chipmaker CAMBRICON (688256.SH) -8.080 (-0.555%) dipped 0.6%. Domestic GPU makers METAX (688802.SH) +28.000 (+3.694%) and MOORE THREADS (688795.SH) +48.180 (+7.186%) climbed 3.7% and 7.2%, respectively. LQKJ (688008.SH) -13.620 (-4.863%) dropped 4.9%. Fiber optic producer YANGTZE OPTICAL FIBRE (601869.SH) +49.290 (+9.502%) surged 9.5%. Memory chipmaker GIGADEVICE (603986.SH) -24.950 (-3.618%) fell 3.6%.Pharmaceutical stocks outperformed, with XINHUA PHARM (000756.SZ) +1.220 (+9.984%) , TEYI PHARM (002728.SZ) +0.800 (+9.975%) and HAINAN HAIYAO (000566.SZ) +0.370 (+9.973%) all hitting the daily limit-up. (jl/da)(A Shares quote is delayed for at least 15 mins.)</div></div>

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Shanghai and Shenzhen A-shares declined midday, with the Shanghai Composite down 0.37% and the Shenzhen Component falling 1.83%. While major indices retreated from recent peaks, banking stocks rose, led by ICBC. Conversely, EV battery maker CATL dropped 1.8%, though domestic GPU makers like Moore Threads surged over 7%. Pharmaceutical stocks outperformed significantly, with Xinhua Pharma, Teyi Pharma, and Hainan Haiyao hitting daily limits.

AASTOCKS News

Shenzhen Index

SSE Index

HAINAN HAIYAO

Xinhua Pharm

ICBC

CATL

Moore Threads

SHANDONG XINHUA

TY PHAR.

INDUSTRIAL & COMMERCIAL BK OF CHINA UNSP ADR EACH REPR 20 ORD SHS

Guotai SSE STAR Brand Name Drug ETF

Yinhua CSI Innovative Drugs Industry ETF

Fullgoal CSI 800 Banks ETF

Shanghai and Shenzhen A Shrs Midday Down 0.4% to 2.3%; Banks and Pharma Stocks Buck Trend