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Shanghai and Shenzhen Indices Rebound After Opening Lower; ChiNext Surges 2.3% at Midday; Property Stocks Advance; Rare Earth, Storage and Computing Power Shares Rally
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The RMB central parity against USD was set at 6.8608, down 19 bps MoM. The Peoples Bank of China conducted RMB25.9 billion of seven-day reverse repo operations in the open market today (29th), with the operating rate unchanged at 1.4%. With RMB6 billion of reverse repos maturing today, the single-day net injection amounted to RMB19.9 billion. The three major A-share indices opened lower and moved higher. The Shanghai Composite closed at 4,094 at midday, up 16 points or 0.4%, with turnover of RMB706.2 billion; the Shenzhen Component Index closed at 15,064, down 233 points or 1.6%, with turnover of RMB914.7 billion; and the ChiNext Index closed at 3,678, up 81 points or 2.3%, with turnover of RMB423.8 billion. Banking stocks were mixed. ICBC (601398.SH) and CCB (601939.SH) fell 0.8% and 0.3%, respectively. CMB (600036.SH) dropped 3% after reporting 1Q26 net profit of RMB37.852 billion, up 1.52% YoY. PING AN OF CHINA (601318.SH) rose 1.5%. Its 1Q26 net profit declined 7.4% YoY to RMB25.022 billion, while operating profit increased 7.6%. BYD Company (002594.SZ) gained 3% despite 1Q26 net profit falling 55.4% YoY to RMB4.085 billion. CONTEMPORARY AMPEREX (300750.SZ) opened higher and climbed 2.9%. CNOOC (600938.SH) slipped 0.4% after posting 1Q26 net profit of RMB39.14 billion, up 7.1% YoY. SINOPEC (600028.SH) rose 0.8% with 1Q26 net profit increasing 28.2% YoY to RMB17.006 billion. YANKUANG ENERGY (600188.SH) surged 8.8% after reporting 1Q26 net profit of RMB3.955 billion, up 42.1% YoY. Leading property developers performed strongly. VANKE A (000002.SZ) rose 3.2%, GREENLAND HOLDINGS (600606.SH) jumped 9.7%, and GEMDALE (600383.SH) gained more than 5%. Rare earth permanent magnet concept stocks rallied. CHINA RARE EARTH (000831.SZ) and CNREHT (600111.SH) hit limit-up, while CHINA RARE NONFERROUS (600259.SH) advanced 8.7%. Memory chip and computing power leasing concept stocks were active. HANGJIN TECHNOLOGY (000818.SZ) hit limit-up. TOYOU ELECTRONICS (300302.SZ) and S-KING (688328.SH) rose 7.7% and 13.5%, respectively. LETTALL ELECTRONIC (603629.SH) hit limit-up for a second consecutive day, with its share price reaching another record high. ANYSOFT INFORMATION (300571.SZ) gained 9.2%. Chip-related stocks generally declined. SMIC (688981.SH) fell 1.8%, while HUA HONG (688347.SH) dropped 5.2%. Domestic GPU makers METAX (688802.SH) and MOORE THREADS (688795.SH) slid 2.8% and 3.7%, respectively. LQKJ (688008.SH) fell another 2.3%. AI chip maker CAMBRICON (688256.SH) edged up 1.2%. CANSINO (688185.SH) dropped 4.7% as its 1Q26 net loss widened to RMB40.4243 million. TIGERMED CONSULTING (300347.SZ) fell 5.3% after 1Q26 net profit plunged 70.4% YoY. PHARMARON (300759.SZ) declined 4.8%, though its 1Q26 net profit rose 9.7% YoY. Newly crowned "king of stocks" YUANJIE TECHNOLOGY (688498.SH) gained 6.4% by midday, having earlier hit a record high of RMB1,566.99. IFLYTEK (002230.SZ) fell 2.3%, with its 1Q26 loss narrowing to RMB170 million. FOXCONN INDUSTRIAL INTERNET (601138.SH) dropped 3.8% despite 1Q26 net profit surging 102.55% YoY to RMB10.595 billion. WULIANGYE (000858.SZ) postponed the disclosure of its 2025 annual report and 1Q26 report, with its share price falling 1.9%. (ta/) Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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