--- title: "Shanghai Composite Opens Down 2pts; Chinese Banks Soft; YUSHU TECHNOLOGY Slumps Nearly 5%" type: "News" locale: "en" url: "https://longbridge.com/en/news/296724234.md" description: "Shanghai Composite opened down 2 points at 3,902. The PBOC injected RMB340 billion via reverse repos. Bank stocks were soft, with ICBC and CCB opening slightly lower. Chip stocks faced pressure; SMIC and Hua Hong Grace declined, while YUSHU TECHNOLOGY slumped nearly 5%. Conversely, optical module giants like Zhongji Innolight edged higher following strong interim profit reports." datetime: "2026-08-24T01:56:43.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/296724234.md) - [en](https://longbridge.com/en/news/296724234.md) - [zh-HK](https://longbridge.com/zh-HK/news/296724234.md) generator: "portal-rs" --- # Shanghai Composite Opens Down 2pts; Chinese Banks Soft; YUSHU TECHNOLOGY Slumps Nearly 5% The central parity rate of RMB against the USD was set at 6.7841, down 24 bps MoM. The PBOC today (24th) conducted RMB340 billion of 7-day reverse repo operations, while no reverse repos matured, resulting in a net injection of RMB340 billion in a single day. The three major A-share indices opened mixed. The Shanghai Composite Index opened down 2 pts or 0.06% at 3,902. The Shenzhen Component Index opened up 23 pts or 0.17% at 14,118. The ChiNext Index opened up 4 pts or 0.13% at 3,550. Chinese bank stocks were soft. ICBC (601398.SH) +0.090 (+1.158%) and CCB (601939.SH) +0.130 (+1.235%) opened down 0.1% and 0.6%, while CMB (600036.SH) +0.400 (+1.028%) opened down 0.1%. Among Chinese insurers, CHINA LIFE (601628.SH) +0.280 (+0.756%) opened down 0.1%, CHINA PACIFIC INSURANCE (601601.SH) +0.100 (+0.329%) opened down 0.03%, and PING AN OF CHINA (601318.SH) +0.870 (+1.631%) opened down 0.02%. In addition, BYD Company (002594.SZ) -0.800 (-0.884%) opened down 0.5%. CONTEMPORARY AMPEREX (300750.SZ) -0.420 (-0.107%) opened flat after the company launched the CATL Mall and plans to conduct livestream sales in the future. Among chip stocks, SMIC (688981.SH) -1.860 (-1.490%) opened down 0.2%, while HUA HONG GRACE (688347.SH) -5.120 (-2.195%) opened nearly 1% lower. AI chip stock CAMBRICON (688256.SH) -48.370 (-4.673%) opened flat. Domestic GPU stocks METAX (688802.SH) -24.500 (-3.500%) and MOORE THREADS (688795.SH) -11.500 (-2.118%) opened down 0.6% and 0.5%, respectively. LQKJ (688008.SH) -7.050 (-3.515%) opened up 0.01%. Optical fibre stock YANGTZE OPTICAL FIBRE (601869.SH) +0.910 (+0.250%) opened up 2%. Memory chip stock GIGADEVICE (603986.SH) -19.060 (-4.659%) opened down 1%. SEMIGHT INSTRUMENTS (688808.SH) -47.220 (-2.033%) opened nearly 1% lower. As for CXMT (688825.SH) +0.220 (+0.379%) , it opened down 0.7%. The three optical module giants known as "Yi Zhong Tian" edged higher. ZHONGJI INNOLIGHT (300308.SZ) -52.180 (-5.533%) opened up 0.2% after the company reported interim net profit of RMB13.651 billion, up 2.4x YoY. TFC (300394.SZ) -15.200 (-5.566%) opened down 1.5%, while EOPTOLINK (300502.SZ) -24.130 (-5.459%) opened up 0.7%. YUSHU TECHNOLOGY (688836.SH) -47.510 (-7.066%) opened down 4.8%. 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