The three major A-share indices of Shanghai and Shenzhen moved individually throughout the day, with the banking sector supporting a slight rise in the Shanghai Composite Index, while the ChiNext fell by 0.7%. Gold and lithium mining stocks weakened

The Fourth Session of the 14th National People's Congress is scheduled to be held on March 5 next year, with the CPPCC meeting taking place on March 4. The Ministry of Finance stated that next year it will continue to implement a more proactive fiscal policy, expand the fiscal expenditure budget, and support the replacement of old consumer goods with new ones. In addition, the profits of industrial enterprises above designated size in the mainland increased by 0.1% year-on-year in the first eleven months.

The central parity rate of the RMB against the US dollar was raised by 27 points today (29th), reported at 7.0331 against one US dollar. The People's Bank of China conducted a 7-day reverse repurchase operation of RMB 482.3 billion today, with the operation rate remaining at 1.4%. Additionally, RMB 67.3 billion in reverse repos matured, resulting in a net injection of RMB 415 billion for the day.

The three major A-share indices showed mixed developments, with the ChiNext index's decline expanding to nearly 1% in the afternoon, while the Shanghai Composite Index remained stable. The Shanghai Composite Index rose slightly by 1 point or 0.04%, closing at 3,965 points, with a turnover of RMB 903.8 billion; the Shenzhen Component Index fell by 66 points or 0.5%, closing at 13,537 points, with a turnover of RMB 1.24 trillion; the ChiNext Index fell by 21 points or 0.7%, closing at 3,222 points, with a turnover of RMB 538 billion.

The preference for domestic bank stocks supported the stability of the Shanghai Composite Index, with Industrial and Commercial Bank of China (601398.SH) and China Construction Bank (601939.SH) rising by 0.8% and 2%, respectively. Domestic insurance stocks were weak, with Ping An Insurance (601318.SH) and China Life Insurance (601628.SH) falling by 1.8% and 1.6%, respectively.

Major domestic property stocks were subdued, with Poly Developments (600048.SH), China Vanke (600383.SH), and Greenland Holdings (600606.SH) falling by 0.6%-1.1%. China Vanke A (000002.SZ) fell by 0.6%, as its RMB 3.7 billion medium-term note grace period was agreed to be extended by bondholders, but the extension plan was not approved.

International gold prices rose and then fell, dragging down gold-related stocks, with Shandong Gold (600547.SH), Zhongjin Gold (600489.SH), and Chifeng Jilong Gold (600988.SH) falling by 1.6%-2.6%. The National Development and Reform Commission encouraged large alumina and copper smelting enterprises to implement mergers and reorganizations, with Jiangxi Copper (600362.SH) rising by more than 5% at one point, but the increase narrowed, closing up only 1.4%.

Lithium mining stocks weakened, with Ganfeng Lithium (002460.SZ) and Tianqi Lithium (002466.SZ) each falling by more than 4%. In addition, CATL (300750.SZ) fell by 1.4%, while BYD (002594.SZ) rose slightly by 0.2%.

Leading domestic chip stocks remained stable, with SMIC (688981.SH) and Hua Hong Semiconductor (688347.SH) rising by 0.3% and 0.6%, respectively. Cambrian (688256.SH) rose by 4.1%.

The Ministry of Industry and Information Technology established a standardization technical committee for humanoid robots and embodied intelligence, with robotics concept stocks performing strongly against the market, with Wuzhou Xinchun (603667.SH) and Fenglong Co., Ltd. (002931.SZ) among several stocks hitting the daily limit Kweichow Moutai (600519.SH) indicated that it will no longer use the distribution method next year, and the stock price fell by 0.9%