The three major A-share indices of Shanghai and Shenzhen opened lower by 1.3% to 1.8%, Zijin Mining fell nearly 5%, CHIFENG GOLD resumed trading and hit the limit down, while chip and computing power stocks faced selling pressure

Geopolitical tensions are rising, with the RMB to USD central parity rate reported at 6.9041, down 143 points from the previous day, marking the lowest since March 16. The People's Bank of China today (23rd) conducted a 7-day reverse repurchase operation of 8 billion RMB in the open market, with the operation rate remaining at 1.4%. Today, 137.3 billion RMB in reverse repos are maturing, resulting in a net withdrawal of 129.3 billion RMB for the day.

The three major A-share indices opened lower. The Shanghai Composite Index opened at 3,904 points, down 52 points or 1.3%. The Shenzhen Component Index opened at 13,619 points, down 246 points or 1.8%. The ChiNext Index opened at 3,300 points, down 51 points or 1.5%.

Banking stocks such as Industrial and Commercial Bank of China (601398.SH) and China Construction Bank (601939.SH) opened down 0.3% and 0.6%, respectively. Additionally, Contemporary Amperex Technology Co., Limited (300750.SZ) opened up 1% against the trend. BYD Company Limited (002594.SZ) also opened up 0.8%.

International gold prices have retreated, leading to a bearish outlook for gold-related stocks, with Shandong Gold (600547.SH), Zhongjin Gold (600489.SH), and Zhaojin Mining (000506.SZ) opening down 3.4% to 5.4%. Zijin Mining (601899.SH) opened down 4.6%, with last year's operating revenue at 349.079 billion RMB, a year-on-year increase of 14.96%; net profit attributable to shareholders of the listed company was 51.777 billion RMB, a year-on-year increase of 61.55%. The company plans to acquire control of CHIFENG GOLD through a negotiated purchase of A-shares and subscription to a targeted issuance of H-shares. CHIFENG GOLD (600988.SH) hit the daily limit down.

Chip stocks fell, with SMIC (688981.SH) A-shares opening down 2.1%. Hua Hong Semiconductor (688347.SH) A-shares opened down 2.6%. AI chip stock Cambricon Technologies (688256.SH) opened down 2.2%. Zhongwei Semiconductor (688380.SH) opened down 0.8%, planning to increase its investment in Zhuhai Boya to acquire a 20% stake for 160 million RMB.

Computing power stocks retreated, with Mingpu Optoelectronics (002902.SZ) and Ruisi Kanda (603803.SH) opening down 6.3% and 4.2%, respectively