The three major A-share stock indexes all fell by more than 1%, commercial aerospace and computing hardware led the decline, the Hang Seng Tech Index rose by more than 1%, and Zhipu once surged 10%.
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The computing hardware and semiconductor chip sectors in A-shares and Hong Kong stocks are undergoing adjustments. Previously, the Asia-Pacific stock markets were under pressure, with South Korea's KOSPI falling over 6%. SK Hynix's decline on the Korean Exchange widened to 10%. During today's trading session, the Korean Exchange activated the SIDECAR mechanism to suspend programmatic sell orders of KOSPI.
On July 13, A-shares were under pressure in the morning session, with all three major indices falling together. The Shenzhen Component Index and ChiNext Index both dropped 1%. Concept stocks such as commercial aerospace, satellite navigation, fiberglass, and superhard materials were collectively adjusted. The military industry and non-ferrous metals sectors fell, while AI servers, GPUs, and switch-related stocks were briefly active at the opening. Bank and oil & gas stocks strengthened.
Hong Kong stocks opened lower but rallied higher, with the Hang Seng Index and Hang Seng TECH Index both rising sharply at the opening. The Hang Seng TECH Index once rose over 1%, now pulling back to just below 1%. Most tech stocks rebounded, Alibaba rose over 3% again, AI large model stocks diverged, with Zhipu strengthening and MiniMax plummeting over 14%.
In the bond market, government bond futures diverged. In commodities, domestic commodity futures showed mixed performance. Key market trends:
A-shares: As of press time, the Shanghai Composite Index fell 1.08%, the Shenzhen Component Index fell 1.77%, and the ChiNext Index declined 1.29%.
Hong Kong stocks: As of press time, the Hang Seng Index rose 0.84%, and the Hang Seng TECH Index rose 1.20%.
Bonds: Government bond futures showed divergent trends. As of press time, the main 30-year contract fell 0.03%, the main 10-year contract was flat, the main 5-year contract rose 0.02%, and the main 2-year contract was flat.
Commodities: Domestic commodity futures were mixed. As of press time, fuel oil and crude oil surged over 3%, bitumen rose 2%, rubber, soybean meal, container shipping index, industrial silicon, stainless steel, caustic soda, glass, polysilicon, rapeseed, Shanghai nickel and other varieties fluctuated higher, while manganese silicon, palladium, Shanghai aluminum, hot-rolled coil, lithium carbonate, rebar, iron ore, alumina, eggs, Shanghai copper, platinum and others declined; Shanghai gold, tin, coking coal, coke, and silver fell more than 1%.
10:13
Securities stocks moved sharply higher, with Zhongtai Securities hitting the daily limit.
10:06
The pharmaceutical sector continued to rise, with traditional Chinese medicine in the lead. Longshen Rongfa, Jiuzhitang, Harbin Pharmaceuticals, and Lifan Pharmaceuticals all hit the daily limit, while Shengwu Gu, Wanbang Pharmaceuticals, Shanghai Kaibao, and Xin Ganjiang all rose over 10%.
On the news side, recently, the State Council has in principle approved the "15th Five-Year Plan for the Revitalization and Development of Traditional Chinese Medicine," outlining a top-level roadmap for the coordinated development of TCM undertakings, industry, and culture over the next five years.
09:59
All three major A-share indices fell more than 1%, with over 4,500 stocks declining. Commercial aerospace, computing hardware, and industrial metals led the declines.
09:52
Robot-related concept stocks were shaken lower, with Lingyi iTech hitting the daily limit down. United Precision, Han's Laser, Rifa Precision Machinery, Yokogawa Precision, and Dearn Precision dropped more than 6%.
09:47
The cinema and film sector collectively adjusted, with Ruyi Films hitting the daily limit down, Happinet Blue Ocean falling nearly 10%, and China Film, Bona Film, Beijing Culture, Shanghai Film, and Hengdian Film leading declines.
09:41
The Shenzhen Component Index slumped over 1%, the Shanghai Composite fell 0.68%, and the ChiNext Index fell 0.45%. Sectors such as military equipment, precious metals, film & media, complete vehicle manufacturing, wind power and photovoltaics led the declines, with nearly 4,300 stocks falling in Shanghai, Shenzhen, and Beijing markets.
09:36
Switch-related concept stocks were active again in the morning, with StarNet Ruijie hitting six limit-ups in ten days. Feiling Kesi, Shengke Communication, Ruijie Networks, ZTE Corporation, and Unisplendour followed higher.
According to bullish news, Shanxi Securities believes that AI data center switches are entering a stage of "explosive demand + speed upgrade + domestic substitution" with triple resonance. Internet giants, operators, government-enterprise cloud, and intelligent computing centers are all continuing capacity expansion, with the penetration of domestic switches, switch chips, and networking solutions expected to rise.
09:33
The Hang Seng TECH Index's daily gain expanded to 1.3%, and the Hang Seng Index's increase widened to 0.9%.
09:26
The Shanghai Composite opened down 0.75%, and the ChiNext Index fell 0.86%. The semiconductor and computing hardware sectors adjusted, with memory, PCB, and advanced packaging leading the declines. Lithium battery, fluorine chemical, robot, photovoltaic, artificial intelligence, and industrial metal concept stocks were weak. Oil & gas, coal, and pharmaceuticals strengthened against the trend.
09:21
The Hang Seng Index opened down 0.07%, and the Hang Seng TECH Index down 0.04%. Zhipu rose nearly 5%, Tencent Music and BYD led the gains, while AIA, Lao Pu Gold, and NetEase led the losses.
After raising the target price last week, J.P. Morgan this week again raised Zhipu's target price by 20%. As demand is now near its service capacity limit, additional inference resources are expected to be converted into annual recurring revenue within 12 months, and the latest financing supports this visible conversion.
The bank believes that Zhipu's financing has accelerated a clear path from "demand to revenue," thus raising its target price from HKD 2,000 to HKD 2,400 and maintaining its "overweight" rating. At the same time, the bank lowered MiniMax's target price from HKD 300 to HKD 240, maintaining a "neutral" rating, as its path to commercial conversion is yet unproven and equity has been diluted.
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