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Shanghai and Shenzhen Markets: Three Major A-share Indices Fall 0.7% to 2.1% for the Day, SMIC (688981.SH) Slumps Nearly 9%, Property and Consumer Stocks Buck Trend
The RMB central parity against the USD was set at 6.8176, up 64 bps MoM, marking a new high since 14 February 2023. Today (29th), the PBOC conducted RMB123 billion of seven-day rev...
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Shanghai and Shenzhen Markets: Three Major A-share Indices Fall 0.7% to 2.1% for the Day, SMIC (688981.SH) Slumps Nearly 9%, Property and Consumer Stocks Buck Trend
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The RMB central parity against the USD was set at 6.8176, up 64 bps MoM, marking a new high since 14 February 2023. Today (29th), the PBOC conducted RMB123 billion of seven-day reverse repos in the open market, with the operation rate unchanged at 1.4%. Meanwhile, RMB153 billion of reverse repos matured, resulting in a single-day net withdrawal of RMB30 billion. The three major A-share indices opened 0.3% to 0.6% higher, but lost momentum and turned lower, with losses widening in the afternoon. They closed down 0.7% to 2.1% for the day.

The Shanghai Composite Index closed at 4,068, down 30 points or 0.73%, with turnover of RMB1.53 trillion. The Shenzhen Component Index fell 286 points or 1.81% to close at 15,575, with turnover of RMB1.79 trillion. The ChiNext Index dropped 87 points or 2.11% to 4,037, with turnover of RMB850.3 billion.

Among financials, ICBC (601398.SH)  +0.180 (+2.557%)   rose 2.6%, while CCB (601939.SH)  -0.130 (-1.288%)   fell 1.3%. In the insurance sector, CHINA LIFE (601628.SH)  +0.440 (+1.318%)   gained 1.3% and CHINA PACIFIC INSURANCE (601601.SH)  +0.160 (+0.500%)   added 0.5%. BYD Company (002594.SZ)  +0.300 (+0.313%)   edged up 0.3% after launching its self-developed Xuanji A3 chip and commencing mass production. CONTEMPORARY AMPEREX (300750.SZ)  +8.320 (+2.002%)   rose 2% after partnering with Xiamen to establish the worlds largest energy storage demonstration platform.

Chip stocks were under pressure. SMIC (688981.SH)  -13.790 (-8.972%)   slumped nearly 9%, while HUA HONG (688347.SH)  -12.970 (-5.195%)   dropped 5.2%. AI chip maker CAMBRICON (688256.SH)  -81.500 (-5.857%)   fell 5.9%. Domestic GPU names METAX (688802.SH)  -23.680 (-3.384%)   and MOORE THREADS (688795.SH)  -37.380 (-5.494%)   declined 3.4% and 5.5%, respectively. LQKJ (688008.SH)  -7.980 (-3.058%)   lost 3.1%. Optical fibre maker YANGTZE OPTICAL FIBRE (601869.SH)  +32.260 (+8.706%)   surged 8.7%. Memory chip firm GIGADEVICE (603986.SH)  -15.990 (-3.311%)   fell 3.3%.

The State Council issued the Urban Renewal Plan for the 15th Five-Year Plan period, calling for a comprehensive review of existing urban assets and resources, and promoting classified disposal of supplied but undeveloped land and projects under construction. Property stocks advanced, with VANKE A (000002.SZ)  +0.240 (+7.251%)   up 7.3% and GREENLAND HOLDINGS (600606.SH)  +0.070 (+5.000%)   rising 5%.

Consumer stocks also strengthened. CHINA DUTY FREE (601888.SH)  +4.820 (+8.802%)   jumped 8.8%. KWEICHOW MOUTAI (600519.SH)  +50.020 (+3.920%)   gained 3.9% to close at RMB1,326. The so-called new "king" of A-shares, SEMIGHT INSTRUMENTS (688808.SH)  -142.570 (-7.655%)   , fell 7.7% to RMB1,719.95. (jl/u)(A Shares quote is delayed for at least 15 mins.)

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