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<A Shrs> Shanghai and Shenzhen Indices Rise 0.5% to 1.1%; Nonferrous Metals Sector Gains; CHINA LIFE (601628.SH) Up Over 4%
Markets are monitoring developments in the Middle East. The RMB central parity against USD was set at 6.8109, up 41 bps MoM. The PBOC conducted RMB393 billion of 7-day reverse repo...
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<A Shrs> Shanghai and Shenzhen Indices Rise 0.5% to 1.1%; Nonferrous Metals Sector Gains; CHINA LIFE (601628.SH) Up Over 4%
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Markets are monitoring developments in the Middle East. The RMB central parity against USD was set at 6.8109, up 41 bps MoM. The PBOC conducted RMB393 billion of 7-day reverse repos today (12th) at an unchanged rate of 1.4%; with RMB215 billion maturing, resulting in a net injection of RMB178 billion for the day. The three major A-share indices opened 0.8% to 2.9% higher, then fluctuated upward, closing the day up 0.5% to 1.1%.

The Shanghai Composite Index reclaimed the 4,000 level at the open, rising 44 points or 1.12% to close at 4,031, with turnover of RMB1.54 trillion. The Shenzhen Component Index rose 111 points or 0.75% to close at 14,963, with turnover of RMB1.68 trillion. The ChiNext Index gained 19 points or 0.5% to close at 3,830, with turnover of RMB805.74 billion.

Related NewsInflation Rate YoY for May in China is 1.2%, unchanged from its last period. The forecast was 1.3%.
Banking stocks advanced, with ICBC (601398.SH)  -0.210 (-2.699%)   up 1.6% and CCB (601939.SH)  -0.310 (-2.897%)   up 0.9%. Insurers outperformed, as CHINA LIFE (601628.SH)  +0.720 (+2.011%)   climbed 4.3% and CHINA PACIFIC INSURANCE (601601.SH)  +0.390 (+1.187%)   rose 2.5%. In addition, BYD Company (002594.SZ)  -0.780 (-0.852%)   gained 2%. CONTEMPORARY AMPEREX (300750.SZ)  +3.250 (+0.823%)   rose 3.3%, with the company expecting overall business to grow 5x to 10x over the next five to ten years.

Among chip stocks, SMIC (688981.SH)  +5.640 (+4.516%)   fell nearly 2%, while HUA HONG GRACE (688347.SH)  +19.910 (+9.118%)   dropped 1.4%. AI chipmaker CAMBRICON (688256.SH)  +95.000 (+7.661%)   rose 1.7%. Domestic GPU makers METAX (688802.SH)  +26.010 (+3.743%)   and MOORE THREADS (688795.SH)  +17.550 (+2.874%)   declined 2.4% and 2.1%, respectively. LQKJ (688008.SH)  +15.220 (+6.768%)   slipped 1.7%. Optical fibre maker YANGTZE OPTICAL FIBRE (601869.SH)  +13.800 (+3.162%)   fell 1.4%. Memory chipmaker GIGADEVICE (603986.SH)  +36.530 (+7.587%)   edged down 0.4%. "New IPO King" SEMIGHT INSTRUMENTS (688808.SH)  +106.800 (+5.137%)   dropped 5.6%.

KWEICHOW MOUTAI (600519.SH)  -20.810 (-1.611%)   elected Chen Hua as chairman and appointed several senior executives; its share price rose 1%.

Related NewsRANGE TECHNOLOGY (300442.SZ) Reportedly In Talks for HKD20B Loan to Build Sha Ling Data Park
BOE A (000725.SZ)  +0.350 (+6.284%)   fell 4.5% after being included by the US Department of Defense on the "Chinese Military Companies" list. The company clarified that it is neither a Chinese military enterprise nor part of China’s military-civil fusion in the defense industry, stating there is no legitimate reason for its inclusion on the list.

The nonferrous metals sector performed strongly, with CMOC (603993.SH)  +1.810 (+9.471%)   and JIN MOLYBDENUM (601958.SH)  +2.550 (+9.992%)   hitting the daily limit-up, while YUNNAN COPPER (000878.SZ)  +0.960 (+5.559%)   surged 7.4%. (jl/u)(A Shares quote is delayed for at least 15 mins.)

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