The three major indices of the Shanghai and Shenzhen A-shares opened higher by 0.5% to 0.9%. Kingsoft Office rose over 11% after its earnings report, while Contemporary Amperex Technology Co., Ltd. softened

Looking forward to further negotiations between the US and Iran, the offshore RMB rose to 6.8157 against the US dollar, reaching a new high since March 23, 2023, with an intraday increase of about 40 points. The RMB's central parity against the US dollar was reported at 6.8593, up 64 points from the previous day.

In March, new social financing in the mainland was 5.23 trillion RMB, with new RMB loans of 2.99 trillion RMB, and M2 grew by 8.5% year-on-year, all below market expectations. The People's Bank of China today (14th) conducted a 1 billion RMB seven-day reverse repurchase operation in the open market, with the operation rate remaining at 1.4%. Today, 500 million RMB of reverse repos are maturing, resulting in a net injection of 500 million RMB for the day.

The three major A-share indices opened higher. The Shanghai Composite Index opened at 4,006 points, up 18 points or 0.5%. The Shenzhen Component Index opened at 14,514 points, up 106 points or 0.7%. The ChiNext Index opened at 3,507 points, up 30 points or 0.9%.

Banking stocks such as Industrial and Commercial Bank of China (601398.SH) and China Construction Bank (601939.SH) opened down 0.3% each. Additionally, Contemporary Amperex Technology Co., Limited (300750.SZ) opened down 1.3%. It is rumored that Contemporary Amperex is considering a placement of shares in Hong Kong, aiming to raise no more than 5 billion USD. BYD (002594.SZ) opened down 1.2%.

International oil prices fluctuated and fell back, with CNOOC (600938.SH), PetroChina (601857.SH), and Sinopec (600028.SH) opening down 0.5% to 1.3%. Oil and gas stocks rebounded, with China National Offshore Oil Corporation (603619.SH) and Shandong Molong Petroleum Machinery (002490.SZ) opening down 3.4% and 2.8%, respectively.

Chip stocks performed well, with Semiconductor Manufacturing International Corporation (688981.SH) opening up 1.5%. Hua Hong Semiconductor (688347.SH) opened up 2.4%. AI chip stock Cambricon Technologies (688256.SH) opened up 0.4%. Domestic GPU stocks MuXi Co., Ltd. (688802.SH) and Moore Threads (688795.SH) opened up 0.6% and 1%, respectively.

Kingsoft Office (688111.SH) opened up 11.2%, expected to see a year-on-year increase in net profit of 401.89% to 472.81 million RMB in the first quarter