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<A Shrs> Three Major Indices Open 0.5%0.9% Higher; Chip-related Stocks Firm
A spokesperson for the Ministry of Foreign Affairs announced that at the invitation of President Xi Jinping, US President Donald Trump will pay a state visit to China from May 13 t...
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<A Shrs> Three Major Indices Open 0.5%0.9% Higher; Chip-related Stocks Firm
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A spokesperson for the Ministry of Foreign Affairs announced that at the invitation of President Xi Jinping, US President Donald Trump will pay a state visit to China from May 13 to 15 (Wed to Fri). The RMB central parity rate against the USD was set at 6.8467, the highest since March 24, 2023, up 35 bps MoM.

The People's Bank of China conducted RMB500 million seven-day reverse repos in the open market today (11th), with the operation rate unchanged at 1.4%. With no reverse repos maturing, the single-day net injection was RMB500 million. The three major A-share indices opened 0.5% to 0.9% higher.

Related NewsInflation Rate MoM for Apr in China is 0.3%, higher than the previous value of -0.7%. The forecast was -0.1%.
The Shanghai Composite Index opened up 21 points, or 0.5%, at 4,201. The Shenzhen Component Index opened up 133 points, or 0.9%, at 15,697. The ChiNext Index opened up 33 points, or 0.9%, at 3,829.

Banking stocks saw mixed openings. ICBC (601398.SH)  -0.080 (-1.094%)   opened flat, while CCB (601939.SH)  -0.020 (-0.208%)   opened down 0.3%. BYD Company (002594.SZ)  -0.630 (-0.635%)   opened flat. CONTEMPORARY AMPEREX (300750.SZ)  +2.800 (+0.649%)   opened up 0.7%.

Chip-related stocks performed well. SMIC (688981.SH)  -0.120 (-0.098%)   and HUA HONG (688347.SH)  -0.040 (-0.025%)   opened up 2.2% and 3.8%, respectively. AI chip stock CAMBRICON (688256.SH)  +39.010 (+3.053%)   opened up 1.6%. Domestic GPU makers METAX (688802.SH)  +5.600 (+0.721%)   and MOORE THREADS (688795.SH)  +0.950 (+0.132%)   opened up 1.9% and 1.6%, respectively. LQKJ (688008.SH)  +18.100 (+7.520%)   also opened nearly 10% higher. Optical fibre stock YANGTZE OPTICAL FIBRE (601869.SH)  -4.500 (-1.094%)   opened up 1.8%. (jl/a)(A Shares quote is delayed for at least 15 mins.)

Related NewsImports YoY for Apr in China is 25.3%, lower than the previous value of 27.8%. The forecast was 15.2%.

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