A-Share Three Major Indices Open 0.8%-5.2% Higher; Mainland Bank Stocks Weak, HUA HONG GRACE Surges 13%

The central parity rate of RMB against USD was set at 6.7894, down 2 bps MoM. The PBOC conducted RMB134 billion of 7-day reverse repos, while RMB689 billion of reverse repos matured. In addition, the PBOC conducted RMB600 billion of overnight reverse repos. The three major A-share indices opened 0.8%-5.2% higher.

The Shanghai Composite Index opened up 28 pts or 0.76% at 3,833. The Shenzhen Component Index opened up 404 pts or 3.04% at 13,690. The ChiNext Index opened up 166 pts or 5.15% at 3,411.

Mainland bank stocks ICBC (601398.SH) -0.330 (-4.049%) and CCB (601939.SH) -0.520 (-4.740%) opened down 2.2% and 3.3%, respectively, while CMB (600036.SH) -1.360 (-3.354%) opened down 1.7%. Mainland insurance stocks CHINA LIFE (601628.SH) -0.820 (-2.063%) opened down 1.9%, while CHINA PACIFIC INSURANCE (601601.SH) -0.820 (-2.500%) opened down 1.6%. In addition, BYD Company (002594.SZ) -0.920 (-0.960%) opened down 2.2%. CONTEMPORARY AMPEREX (300750.SZ) -7.270 (-1.809%) opened down 1.6%.

Among chip stocks, SMIC (688981.SH) +8.910 (+7.244%) opened nearly 9% higher, while HUA HONG GRACE (688347.SH) +28.870 (+12.552%) opened nearly 13% higher. AI chip stock CAMBRICON (688256.SH) +112.570 (+10.799%) opened 9.3% higher. Domestic GPU stocks METAX (688802.SH) +52.610 (+7.829%) and MOORE THREADS (688795.SH) +42.990 (+7.961%) opened 7.9% and 6.5% higher, respectively. LQKJ (688008.SH) +21.320 (+10.834%) opened 12.8% higher. Optical fiber stock YANGTZE OPTICAL FIBRE (601869.SH) +23.670 (+9.012%) opened 8.5% higher. Memory chip stock GIGADEVICE (603986.SH) +37.110 (+10.000%) hit the daily limit up. SEMIGHT INSTRUMENTS (688808.SH) +240.210 (+15.639%) opened 16.5% higher.

"New king of IPOs" CXMT (688825.SH) +6.230 (+11.784%) opened 10% higher.

ZHONGJI INNOLIGHT (300308.SZ) +120.730 (+13.973%) opened 11.1% higher. (jl/a)(A Shares quote is delayed for at least 15 mins.)