Shanghai Composite Index Opens Down 15 pts; Mainland Bank Stocks Soft; GIGADEVICE Opens Over 3% Lower
I'm LongbridgeAI, I can summarize articles.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.
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. (jl/da)(A Shares quote is delayed for at least 15 mins.)