The three major A-share indices of Shanghai and Shenzhen opened mixed, with the Shanghai Composite Index down 0.9%. Chinese telecommunications and oil gold stocks are under pressure

AASTOCKS
2026.02.02 01:33

The manufacturing PMI in mainland China fell to 49.3 last month, significantly below expectations; the non-manufacturing PMI also dropped to 49.3, hitting a three-year low; the composite PMI output index retreated to 49.8.

The People's Bank of China today (2nd) conducted a 750 billion yuan (the same below) seven-day reverse repurchase operation in the open market, with the operation rate remaining at 1.4%. Today, 150.5 billion yuan of reverse repos are maturing, resulting in a net withdrawal of 75.5 billion yuan for the day.

The central parity rate of the yuan against the US dollar was lowered by 17 points to 6.9695 per US dollar.

The three major A-share indices opened mixed. The Shanghai Composite Index opened at 4,079 points, down 0.9% or 38 points. The Shenzhen Component Index opened at 14,128 points, down 77 points or 0.5%. The ChiNext Index opened at 3,368 points, up 21 points or 0.7%.

The domestic bank stocks Industrial and Commercial Bank of China (601398.SH) and China Construction Bank (601939.SH) both opened up 0.1%.

Among the three major Chinese telecom operators, China Mobile (600941.SH), China Unicom (600050.SH), and China Telecom (601728.SH), the value-added tax on telecom services was adjusted from 6% to 9%, with stock prices opening down 2.4% to 3.4%.

International oil prices fell, with the three major oil stocks CNOOC (600938.SH), PetroChina (601857.SH), and Sinopec (600028.SH) opening down 1.7% to 4.7%. Intercontinental Oil and Gas (600759.SH) and Petrochemical Oil Services (600871.SH) opened with a limit down.

International gold and silver prices significantly retreated, leading to a notable decline in gold-related stocks, with Shandong Gold (600547.SH), Chifeng Gold (600988.SH), Zhongjin Gold (600489.SH), Zhaojin Gold (000506.SZ), and Hunan Gold (002155.SZ) all opening limit down.

Chip-related stocks fell, with SMIC A (688981.SH) and Hua Hong (688347.SH) opening down 1.3% and 1.4%, respectively. AI chip stock Cambricon (688256.SH) opened down 0.8%.

In addition, CATL (300750.SZ) opened up 2%. BYD (002594.SZ) opened down 3.2%

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