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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)  +0.010 (+0.139%)   rose 2.6%, while CCB (601939.SH)  +0.080 (+0.803%)   fell 1.3%. In the insurance sector, CHINA LIFE (601628.SH)  -0.350 (-1.035%)   gained 1.3% and CHINA PACIFIC INSURANCE (601601.SH)  -0.280 (-0.870%)   added 0.5%. BYD Company (002594.SZ)  -1.860 (-1.934%)   edged up 0.3% after launching its self-developed Xuanji A3 chip and commencing mass production. CONTEMPORARY AMPEREX (300750.SZ)  +1.910 (+0.450%)   rose 2% after partnering with Xiamen to establish the worlds largest energy storage demonstration platform.

Chip stocks were under pressure. SMIC (688981.SH)  -4.910 (-3.509%)   slumped nearly 9%, while HUA HONG (688347.SH)  -11.830 (-4.998%)   dropped 5.2%. AI chip maker CAMBRICON (688256.SH)  -52.440 (-4.003%)   fell 5.9%. Domestic GPU names METAX (688802.SH)  -10.120 (-1.497%)   and MOORE THREADS (688795.SH)  -4.470 (-0.695%)   declined 3.4% and 5.5%, respectively. LQKJ (688008.SH)  -14.060 (-5.557%)   lost 3.1%. Optical fibre maker YANGTZE OPTICAL FIBRE (601869.SH)  -27.310 (-6.780%)   surged 8.7%. Memory chip firm GIGADEVICE (603986.SH)  +5.210 (+1.116%)   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)  -0.090 (-2.535%)   up 7.3% and GREENLAND HOLDINGS (600606.SH)  +0.030 (+2.041%)   rising 5%.

Consumer stocks also strengthened. CHINA DUTY FREE (601888.SH)  -1.700 (-2.853%)   jumped 8.8%. KWEICHOW MOUTAI (600519.SH)  -15.140 (-1.142%)   gained 3.9% to close at RMB1,326. The so-called new "king" of A-shares, SEMIGHT INSTRUMENTS (688808.SH)  -102.960 (-5.986%)   , fell 7.7% to RMB1,719.95. (jl/u)(A Shares quote is delayed for at least 15 mins.)

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