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<A Shrs> Three Major Indices Diverge at Midday; SSE Inches Up; Auto and Memory Chip Stocks Rally; SMIC A-Shares Gain 5%
US-Iran negotiations have reached an impasse. The central parity rate of RMB against USD was set at 6.8579, up 95 bps MoM, marking the highest level since 24 March 2023.The People...
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<A Shrs> Three Major Indices Diverge at Midday; SSE Inches Up; Auto and Memory Chip Stocks Rally; SMIC A-Shares Gain 5%
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US-Iran negotiations have reached an impasse. The central parity rate of RMB against USD was set at 6.8579, up 95 bps MoM, marking the highest level since 24 March 2023.

The Peoples Bank of China (PBOC) conducted RMB218.5 billion of seven-day reverse repos in the open market today (27th), with the operation rate unchanged at 1.4%. With RMB500 million of reverse repos maturing today, the single-day net injection amounted to RMB218 billion. Meanwhile, RMB600 billion of Medium-term Lending Facility (MLF) funds matured. The PBOC conducted RMB400 billion of one-year MLF operations on the same day, resulting in a net withdrawal of RMB200 billion.

Related NewsInflation Rate YoY for Apr in China is 1.2%, higher than the previous value of 1.0%. The forecast was 0.8%.
In 1Q26, profits of industrial enterprises above designated scale in Mainland China rose 15.5% YoY, while profits in March alone increased 15.8% YoY. The three major A-share indices moved divergently in the morning session. The SSE Composite closed at 4,085 points at midday, up 5 points or 0.2%, with turnover of RMB752.5 billion. The Shenzhen Component Index closed at 15,018 points, up 78 points or 0.5%, with turnover of RMB948.6 billion. The ChiNext Index closed at 3,660 points, down 7 points or 0.2%, with turnover of RMB434.85 billion.

Major mainland banking stocks were broadly weaker. INDUSTRIAL AND COMMERCIAL BANK OF CHINA (601398.SH)  0.000 (0.000%)   and CHINA CONSTRUCTION BANK (601939.SH)  0.000 (0.000%)   fell 0.8% and 0.4%, respectively. PING AN BANK (000001.SZ)  0.000 (0.000%)   rose 3.6% after reporting 1Q26 net profit of RMB14.523 billion, up 3% YoY. BANK OF NINGBO (002142.SZ)  0.000 (0.000%)   gained 2.7%.

Leading automaker BYD (002594.SZ)  0.000 (0.000%)   advanced 3.3%, while ANHUI JIANGHUAI AUTOMOBILE (600418.SH)  0.000 (0.000%)   surged 9.8%. Auto memory-related stocks LAMBO TECHNOLOGY (603655.SH)  0.000 (0.000%)   and JINGU (002488.SZ)  0.000 (0.000%)   rose 5.6% and 5%, respectively. CONTEMPORARY AMPEREX TECHNOLOGY (300750.SZ)  0.000 (0.000%)   fell 2%.

Related NewsInflation Rate MoM for Apr in China is 0.3%, higher than the previous value of -0.7%. The forecast was -0.1%.
Chip stocks moved higher. SMIC (688981.SH)  0.000 (0.000%)   A-shares climbed 5%, while HUA HONG SEMICONDUCTOR (688347.SH)  0.000 (0.000%)   A-shares rose 2.5%. AI chipmaker CAMBRICON (688256.SH)  0.000 (0.000%)   gained 1%. MOORE THREADS (688795.SH)  0.000 (0.000%)   jumped 8.5% after swinging to a profit in 1Q26, with revenue surging 155.35% YoY. YOFC (601869.SH)  0.000 (0.000%)   rebounded 5.4%.

Memory chip concept stocks rallied. MONTAGE TECHNOLOGY (688008.SH)  0.000 (0.000%)   , SHANNON SEMICONDUCTOR (300475.SZ)  0.000 (0.000%)   and YINGTANG INTELLIGENT (300131.SZ)  0.000 (0.000%)   rose between 4.9% and 7.9%. FULLHAN MICROELECTRONICS (300613.SZ)  0.000 (0.000%)   and EASTERN CHIP (688110.SH)  0.000 (0.000%)   surged 12.6% and 13.5%, respectively.

With the May Day holiday approaching, certain duty-free concept stocks advanced. DONGBAI GROUP (600693.SH)  0.000 (0.000%)   hit the daily limit up, while SMALL COMMODITIES CITY (600415.SH)  0.000 (0.000%)   gained 2.9%.

Related NewsImports YoY for Apr in China is 25.3%, lower than the previous value of 27.8%. The forecast was 15.2%.
KWEICHOW MOUTAI (600519.SH)  0.000 (0.000%)   fell 3.7%, despite reporting a 1.47% YoY increase in 1Q26 net profit.

ZTE (000063.SZ)  0.000 (0.000%)   opened lower but reversed to rise 3.7%. Its 1Q26 net profit amounted to RMB1.31 billion, down 46.58% YoY. (ta/a)(A Shares quote is delayed for at least 15 mins.)

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