--- title: "The Shanghai Composite Index rose steadily by 5 points throughout the day, with banking and photovoltaic stocks performing well, while military stocks retraced" type: "News" locale: "en" url: "https://longbridge.com/en/news/239971065.md" description: "The Shanghai Composite Index rose 5 points throughout the day, closing at 3,374 points, with a trading volume of 506.6 billion yuan. The Shenzhen Component Index fell 13 points, and the ChiNext Index dropped 2 points. Bank stocks performed well, with China Construction Bank and ICBC each rising by 1%. Photovoltaic stocks surged due to production cut news, with JYT and GCLSI hitting the daily limit. Military stocks retreated, with Aerospace Nanhu and others falling by 2% to 3.4%. The China-U.S. economic and trade talks reached a consensus, with both sides canceling 91% of the additional tariffs" datetime: "2025-05-13T07:00:33.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/239971065.md) - [en](https://longbridge.com/en/news/239971065.md) - [zh-HK](https://longbridge.com/zh-HK/news/239971065.md) --- # The Shanghai Composite Index rose steadily by 5 points throughout the day, with banking and photovoltaic stocks performing well, while military stocks retraced The "Joint Statement of the China-U.S. Geneva Economic and Trade Talks" has been released. The Ministry of Commerce of China stated that both China and the U.S. have canceled a total of 91% of the additional tariffs and suspended the implementation of 24% of the counter-tariffs. U.S. President Trump stated that the U.S. does not aim to harm China and plans to speak with Chinese President Xi Jinping before the weekend. Trump emphasized that although existing tariffs on automobiles, steel, aluminum, and pharmaceuticals remain, both sides have agreed to a comprehensive reset of their relationship. He added that the new approach prioritizes dialogue over confrontation. The People's Bank of China today (13th) conducted a 7-day reverse repurchase operation in the open market amounting to 180 billion yuan, with the operation rate remaining at 1.4%. Today, 405 billion yuan of reverse repos are maturing, resulting in a net withdrawal of 225 billion yuan for the day. The central parity rate of the yuan against the U.S. dollar is reported at 7.1991, up 75 points. The three major indices of A-shares opened higher and developed individually. The Shanghai Composite Index rose steadily, up 5 points or 0.2%, closing at 3,374 points, with a turnover of 506.6 billion yuan; the Shenzhen Component Index fell 13 points or 0.1%, closing at 10,288 points, with a turnover of 784.9 billion yuan; the ChiNext Index fell 2 points or 0.1%, closing at 2,062 points, with a turnover of 368.2 billion yuan. Domestic bank stocks rose steadily, with China Construction Bank (601939.SH) and ICBC (601398.SH) each rising by 1%. Shanghai Pudong Development Bank (600000.SH), Shanghai Bank (601229.SH), and Jiangsu Bank (600919.SH) each rose by 1.8% to 3.8%. Additionally, BYD (002594.SZ) fell by 1%. CATL (300750.SZ), which is about to be listed in Hong Kong, rose by 0.7%. It is reported that leading silicon material manufacturers are proposing production cuts to support prices, leading to a surge in photovoltaic stocks, with JYT (601908.SH) and GCLSI (002506.SZ) both hitting the daily limit. Tongwei Co., Ltd. (600438.SH) rose by 7.6%. Leading semiconductor chip stocks were soft, with SMIC (688981.SH) and Hua Hong Semiconductor (688347.SH) falling by 0.9% and 2.2%, respectively. Military industry stocks retreated, with Aerospace Nanhua (688552.SH), Huaru Technology (301302.SZ), and Guorui Technology (600562.SH) falling by 2% to 3.4% ### Related Stocks - [002506.CN](https://longbridge.com/en/quote/002506.CN.md) - [601398.CN](https://longbridge.com/en/quote/601398.CN.md) - [01398.HK](https://longbridge.com/en/quote/01398.HK.md) - [601908.CN](https://longbridge.com/en/quote/601908.CN.md) - [CICHY.US](https://longbridge.com/en/quote/CICHY.US.md) - [601939.CN](https://longbridge.com/en/quote/601939.CN.md) - [00939.HK](https://longbridge.com/en/quote/00939.HK.md) - [600562.CN](https://longbridge.com/en/quote/600562.CN.md) - [01211.HK](https://longbridge.com/en/quote/01211.HK.md) - [600919.CN](https://longbridge.com/en/quote/600919.CN.md) - [688552.CN](https://longbridge.com/en/quote/688552.CN.md) - [03750.HK](https://longbridge.com/en/quote/03750.HK.md) - [600000.CN](https://longbridge.com/en/quote/600000.CN.md) - [300750.CN](https://longbridge.com/en/quote/300750.CN.md) - [399006.CN](https://longbridge.com/en/quote/399006.CN.md) - [601229.CN](https://longbridge.com/en/quote/601229.CN.md) - [600438.CN](https://longbridge.com/en/quote/600438.CN.md) ## Related News & Research - [Manz forecasts growth alongside industry](https://longbridge.com/en/news/296251831.md) - [Oil edges higher as Iranian attacks on ships in Strait of Hormuz without U.S. response rise](https://longbridge.com/en/news/296280231.md) - [GigaDevice Publishes Unaudited Interim Results for First Half of 2026](https://longbridge.com/en/news/296260055.md) - [GigaDevice Semiconductor schedules interim results briefing via SSE Roadshow Centre](https://longbridge.com/en/news/296245710.md) - [VeriSilicon reports 91% first-half revenue growth as AI orders reach 90%](https://longbridge.com/en/news/296183434.md)