--- title: "Shanghai Composite Index Opens Down 15 pts; Mainland Bank Stocks Soft; GIGADEVICE Opens Over 3% Lower" type: "News" locale: "en" url: "https://longbridge.com/en/news/291210024.md" description: "The Shanghai Composite Index opened down 15 points. The State Council emphasized AI innovation and computing clusters. PBOC conducted reverse repos totaling RMB6,945 billion at a 1.4% rate. Bank stocks softened, while chip stocks showed mixed performance; Gigadevice dropped over 3% due to supply concerns, whereas Cambricon rose slightly." datetime: "2026-06-30T01:45:43.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/291210024.md) - [en](https://longbridge.com/en/news/291210024.md) - [zh-HK](https://longbridge.com/zh-HK/news/291210024.md) generator: "portal-rs" --- # Shanghai Composite Index Opens Down 15 pts; Mainland Bank Stocks Soft; GIGADEVICE Opens Over 3% Lower The State Council executive meeting said efforts will be stepped up to advance breakthroughs in artificial intelligence innovation, accelerate key technology research, and promote the construction of ultra-large-scale intelligent computing clusters. The RMB central parity against the USD was set at 6.8109, up 66 bps MoM. The PBOC conducted RMB695 billion of 7-day reverse repos at an unchanged rate of 1.4%; meanwhile, RMB5,245 billion of reverse repos matured. At the same time, the PBOC conducted RMB6,000 billion of overnight reverse repos. The three major A-share indices opened mixed. The Shanghai Composite Index opened down 15 pts, or 0.39%, at 4,058. The Shenzhen Component Index opened down 1 pt at 15,811. The ChiNext Index opened flat at 4,217. Mainland bank stocks were soft at the open, with ICBC (601398.SH) -0.060 (-0.831%) and CCB (601939.SH) -0.130 (-1.322%) both down 0.6%, while CMB (600036.SH) -0.270 (-0.741%) dipped 0.1%. Among insurers, CHINA LIFE (601628.SH) -0.330 (-0.923%) opened nearly 1% lower and CHINA PACIFIC INSURANCE (601601.SH) -0.510 (-1.738%) fell 0.5%. In addition, BYD Company (002594.SZ) -0.010 (-0.013%) edged down 0.1%. It was reported that the company plans to mass-produce new vehicles under its Denza brand next year, debuting its self-developed Xuanji A3 intelligent driving chip. CONTEMPORARY AMPEREX (300750.SZ) +2.680 (+0.683%) opened flat after reports that its Jianxiawo mine has resumed production. Among chip stocks, SMIC (688981.SH) +1.840 (+1.219%) opened up 0.7%, while HUA HONG GRACE (688347.SH) +0.080 (+0.024%) fell 1.2%. AI chip maker CAMBRICON (688256.SH) +53.540 (+3.613%) rose 0.4% at the open. Domestic GPU makers METAX (688802.SH) +9.450 (+1.191%) and MOORE THREADS (688795.SH) +6.930 (+0.986%) opened down 0.8% and 0.5%, respectively. LQKJ (688008.SH) +1.960 (+0.662%) gained 0.2%. Optical fibre producer YANGTZE OPTICAL FIBRE (601869.SH) +4.370 (+0.829%) rose 2.5%. Memory chip maker GIGADEVICE (603986.SH) -40.450 (-4.815%) dropped 3.6% at the open. The company noted that, as a fabless operator, it faces the risk of further tightening wafer supply from upstream foundry partners. 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