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Shanghai & Shenzhen Markets Reopen After May Day Holiday; Three Major A-Share Indices Rise 1.2%-2.8% with Gold Mining and Power Grid Equipment Stocks Rallying in PM Session
The RMB central parity against the USD was set at 6.8562 today (6th), up 66 bps MoM and hitting a new high since 24 March 2023. The Peoples Bank of China conducted RMB26 billion o...
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Shanghai & Shenzhen Markets Reopen After May Day Holiday; Three Major A-Share Indices Rise 1.2%-2.8% with Gold Mining and Power Grid Equipment Stocks Rallying in PM Session
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The RMB central parity against the USD was set at 6.8562 today (6th), up 66 bps MoM and hitting a new high since 24 March 2023. The Peoples Bank of China conducted RMB26 billion of seven-day reverse repos via open market operations, with the operation rate unchanged at 1.4%. On the same day, the PBOC also carried out RMB300 billion of three-month (91-day) outright reverse repos through a fixed-quantity, rate-bidding and multiple-price winning method. As RMB800 billion matured, a net withdrawal of RMB500 billion was realized.

Chinas April RatingDog Services PMI rose to 52.6, beating expectations. On the first trading day after the May Day holiday, the three major A-share indices opened higher and extended gains throughout the session, with the ChiNext Index once surging more than 3%. Combined turnover on the Shanghai and Shenzhen exchanges jumped to over RMB3.2 trillion. The Shanghai Composite closed at 4,160, up 48 points or 1.2%, with turnover of RMB1.47 trillion; the Shenzhen Component Index closed at 15,459, up 352 points or 2.3%, with turnover of RMB1.76 trillion; the ChiNext Index closed at 3,778, up 101 points or 2.8%, with turnover of RMB838.1 billion.

Related NewsExports YoY for Apr in China is 14.1%, higher than the previous value of 2.5%. The forecast was 7.9%.
Banking stocks softened, with ICBC (601398.SH)  -0.060 (-0.822%)   and CCB (601939.SH)  +0.080 (+0.821%)   falling 1.2% and 1.5%, respectively. Brokerages were broadly firmer. CSC (601066.SH)  -0.310 (-1.379%)   rose 1.4%, CHINALIN SECURITIES (002945.SZ)  -0.440 (-2.842%)   gained 3%, and TIANFENG SECURITIES (601162.SH)  -0.080 (-2.174%)   jumped 5.6%.

Leading mainland property developers advanced. VANKE A (000002.SZ)  -0.090 (-2.326%)   , GREENLAND HOLDINGS (600606.SH)  -0.040 (-2.597%)   , GEMDALE (600383.SH)  -0.060 (-2.048%)   and POLY DEVELOPMENTS (600048.SH)  -0.110 (-1.741%)   climbed 1.3% to 4.2%. Property transactions recovered during the May Day holiday amid further optimization of local housing policies.

Spot gold prices rose markedly, lifting gold mining shares. XC-TECH (300139.SZ)  -2.730 (-5.151%)   soared 10.3%, SICHUAN GOLD (001337.SZ)  -2.670 (-4.693%)   jumped 8.3%, while CHIFENG GOLD (600988.SH)  -2.040 (-5.141%)   , SHANJIN INTERNATIONAL (000975.SZ)  -1.910 (-7.074%)   and HUNAN GOLD (002155.SZ)  -1.430 (-5.153%)   gained between 4% and 8.2%.

Related NewsVehicle Sales YoY for Apr in China is -2.5%, lower than the previous value of -0.6%.
Power grid equipment stocks rallied in the afternoon. ZHONHEN (002364.SZ)  -0.890 (-1.826%)   hit limit-up, while KELIN ELECTRIC (603050.SH)  -2.260 (-9.076%)   and ANKURA (300617.SZ)  +0.260 (+0.403%)   each surged 8.9%.

Storage chip, semiconductor and AI-related stocks strengthened. SMIC (688981.SH)  +1.120 (+0.950%)   A shares rose 3.7%, and HUA HONG (688347.SH)  -7.770 (-4.922%)   A shares jumped 7.8%. AI chipmaker CAMBRICON (688256.SH)  -51.580 (-4.092%)   once surged to a fresh high in the morning session before paring gains to close up 7.4%. METAX (688802.SH)  -25.530 (-3.446%)   and MOORE THREADS (688795.SH)  -17.650 (-2.588%)   rose 7% and 3.3%, respectively. LQKJ (688008.SH)  -17.100 (-6.451%)   surged 14.8%, YANGTZE OPTICAL FIBRE (601869.SH)  -30.250 (-7.475%)   gained 2%, GIGADEVICE (603986.SH)  +19.150 (+5.376%)   hit limit-up, and HYGON INFORMATION (688041.SH)  -22.190 (-6.823%)   soared 16.3%.

Auto stock BYD Company (002594.SZ)  -2.430 (-2.461%)   bucked the market, edging down 2.2%. Lithium mining stocks advanced, with YONGSHAN LITHIUM (603399.SH)  -0.500 (-2.370%)   hitting limit-up, EVE ENERGY (300014.SZ)  +0.480 (+0.735%)   rising 4%, and CONTEMPORARY AMPEREX (300750.SZ)  -3.400 (-0.796%)   climbing 5.5%.

Related NewsInflation Rate YoY for Apr in China is 1.2%, higher than the previous value of 1.0%. The forecast was 0.8%.
WULIANGYE (000858.SZ)  -2.120 (-2.382%)   plunged more than 70% in profit last year, sending its shares down 5%. KWEICHOW MOUTAI (600519.SH)  -9.220 (-0.687%)   fell 0.7%. CHINA DUTY FREE (601888.SH)  -1.800 (-2.961%)   opened lower and trended down, closing 4% lower. (ta/u)(A Shares quote is delayed for at least 15 mins.)

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