Shanghai and Shenzhen A-Share Indices Open Down 0.5% to 1.2%, Chip-Related Stocks Under Pressure

The RMB central parity against the USD was set at 6.8166, up 43 pips MoM. The People's Bank of China conducted a RMB231.5 billion seven-day reverse repo operation at an unchanged interest rate of 1.4%. With no reverse repos maturing today, the single-day net injection amounted to RMB231.5 billion. A-share markets opened lower, with the three major indices down 0.5% to 1.2%.The Shanghai Composite Index opened down 21 points, or 0.52%, at 4,098. The Shenzhen Component Index opened down 132 points, or 0.81%, at 16,211. The ChiNext Index opened down 52 points, or 1.2%, at 4,319.Among bank stocks, ICBC (601398.SH) 0.000 (0.000%) opened up 0.7%, CCB (601939.SH) +0.020 (+0.204%) and BANK OF CHINA (601988.SH) +0.050 (+0.864%) opened flat, while CMB (600036.SH) -0.050 (-0.138%) opened up 0.4%. In the insurance sector, CHINA LIFE (601628.SH) -0.400 (-1.084%) opened down 0.8%, and CHINA PACIFIC INSURANCE (601601.SH) -0.720 (-2.392%) opened flat. In addition, BYD Company (002594.SZ) -2.300 (-2.798%) opened down 0.8% following reports of another fatal industrial accident at its construction site in Hungary. CONTEMPORARY AMPEREX (300750.SZ) -3.560 (-0.886%) opened down 0.2%.Among chip stocks, SMIC (688981.SH) -5.270 (-3.360%) opened down 2%, HUA HONG GRACE (688347.SH) -6.630 (-2.007%) fell 3.1%, and AI chipmaker CAMBRICON (688256.SH) -24.420 (-1.623%) declined 1.5%. Domestic GPU makers METAX (688802.SH) -17.720 (-2.300%) and MOORE THREADS (688795.SH) -17.790 (-2.541%) opened down 1.9% and 2.1%, respectively. LQKJ (688008.SH) -8.600 (-3.081%) fell 2.4%. Optical fibre maker YANGTZE OPTICAL FIBRE (601869.SH) -16.870 (-2.934%) opened down 1.7%, while memory chip company GIGADEVICE (603986.SH) -9.930 (-1.281%) dropped 2.9%. (jl/da)(A Shares quote is delayed for at least 15 mins.)