The RMB central parity rate against the USD was set at 6.7928, down 17 bps daily. The PBOC conducted RMB305.5 billion of seven-day reverse repos, while RMB253 billion of reverse repos matured, resulting in a net daily injection of RMB52.5 billion. The three major A-share indices opened down 0.9%-3.1%.

The Shanghai Composite Index opened down 35 points, or 0.91%, at 3,823. The Shenzhen Component Index opened down 318 points, or 2.25%, at 13,830. The ChiNext Index opened down 111 points, or 3.12%, at 3,478.

Among mainland Chinese bank stocks, ICBC (601398.SH) +0.060 (+0.776%) and CCB (601939.SH) +0.170 (+1.641%) opened 0.5% and 0.6% higher respectively, while CMB (600036.SH) +0.170 (+0.436%) opened 0.4% higher. Among mainland Chinese insurance stocks, CHINA LIFE (601628.SH) -0.200 (-0.503%) opened flat, while CHINA PACIFIC INSURANCE (601601.SH) -0.200 (-0.633%) opened 0.03% lower. In addition, BYD Company (002594.SZ) +0.080 (+0.087%) opened 0.4% lower. CONTEMPORARY AMPEREX (300750.SZ) -6.910 (-1.728%) opened 0.9% lower.

Among chip stocks, SMIC (688981.SH) +0.530 (+0.369%) opened 1.5% lower, while HUA HONG GRACE (688347.SH) +5.870 (+1.903%) opened 4.4% lower. AI chip stock CAMBRICON (688256.SH) -32.850 (-2.647%) opened 3.1% lower. Domestic GPU stocks METAX (688802.SH) -29.850 (-3.596%) and MOORE THREADS (688795.SH) -13.850 (-2.286%) opened 3.7% and 2.6% lower respectively. LQKJ (688008.SH) -9.270 (-4.076%) opened 5.5% lower. Optical fibre stock YANGTZE OPTICAL FIBRE (601869.SH) -9.520 (-2.834%) opened 3.5% lower. Memory chip stock GIGADEVICE (603986.SH) -34.050 (-7.845%) opened 7.8% lower.

"New King of IPOs" CXMT (688825.SH) -0.620 (-1.265%) opened 7.7% lower.

Lithography concept stocks rose against the broader market trend, with WAVELENGTH OE (301421.SZ) +13.690 (+20.006%) and YONG XIN OPTICS (603297.SH) +9.240 (+9.998%) hitting the daily limit-up during pre-market call auction trading. (jl/a)(A Shares quote is delayed for at least 15 mins.)