The three major A-share indices of Shanghai and Shenzhen showed mixed performance in the first half of the day, with SMIC declining after earnings and BYD favored

The central parity rate of the RMB against the US dollar was raised by 20 points to 6.9438 per US dollar, reaching a new high since May 11, 2023.

The People's Bank of China today (11th) conducted a 7-day reverse repurchase operation of 78.5 billion RMB (same below) in the open market, with the operation rate remaining at 1.4%; it also conducted a 14-day reverse repurchase operation of 400 billion RMB. Today, 75 billion RMB of reverse repos are maturing, resulting in a net injection of 403.5 billion RMB for the day.

Last month, the PPI data in the mainland exceeded expectations. The three major A-share indices showed mixed performance in the morning session. The Shanghai Composite Index closed at 4,137 points, up 9 points or 0.2%, with a turnover of 531.2 billion RMB; the Shenzhen Component Index closed at 14,200 points, down 10 points or 0.07%, with a turnover of 767.6 billion RMB; the ChiNext Index closed at 3,290 points, down 30 points or 0.9%, with a turnover of 374.5 billion RMB.

Banking stocks such as Industrial and Commercial Bank of China (601398.SH) and China Construction Bank (601939.SH) each fell by 0.3%. In addition, CATL (300750.SZ) rose by 0.6%. BYD (002594.SZ) rose by 1.8%.

Chip-related stocks were soft, with SMIC A (688981.SH) down 1.3%, its net profit for the fourth quarter of 2025 down 9.9% year-on-year and quarter-on-quarter; up 60.7% year-on-year. AI chip stock Cambricon (688256.SH) fell by 1.7%. Moore Threads (688795.SH) open-sourced TileLang-MUSA, with its stock price down 1.4%