A-shares continued to fluctuate and consolidate in the afternoon, ChinaAMC CSI 300 ETF trading volume reached a record high, the semiconductor industry chain exploded, lithium carbonate fell to the limit, and the Hang Seng Index continued its decline.

# Source: Wall Street Insights

## Dong Jing

On the trading front, the number of declining stocks outpaced advancing ones, with over 3,300 stocks trading in negative territory across the Shanghai, Shenzhen and Beijing stock exchanges. The trading volume reached 2.01 trillion yuan in the morning session alone. The combined turnover of the Shanghai and Shenzhen bourses hit 1.99 trillion yuan, an increase of 117.1 billion yuan compared with the previous trading day. By sector, AI application, financial technology, e-commerce and tourism-related stocks retreated; precious metals, coal and petrochemical sectors saw widespread declines. The semiconductor industry chain rallied strongly, with advanced packaging and memory chip sub-sectors leading the surge; power grid equipment, humanoid robot, consumer electronics and CPO (Co-packaged Optics) concept stocks were among the top gainers.

A-shares maintained a volatile consolidation trend in the afternoon session. The semiconductor industry chain staged a robust rally, with advanced packaging and memory chip stocks surging sharply, and power grid equipment stocks trading actively. Hong Kong stocks also trended downward with fluctuations, as most technology and internet stocks declined while power equipment and semiconductor stocks moved higher. In the bond market, treasury bond futures mostly rebounded. For commodities, domestic commodity futures saw widespread declines, with lithium carbonate futures hitting the downside limit at one point and Shanghai tin falling over 6%. Key market movements are as follows:

**A-shares**: As of press time, the Shanghai Composite Index edged down 0.19%, the Shenzhen Component Index dipped 0.02%, and the ChiNext Index rose 0.04%.

**Hong Kong stocks**: As of press time, the Hang Seng Index fell 0.54% and the Hang Seng Tech Index declined 0.30%.

**Bond market**: Treasury bond futures mostly traded higher. As of press time, the 30-year benchmark contract dropped 0.11%, the 10-year benchmark contract gained 0.02%, the 5-year benchmark contract rose 0.06%, and the 2-year benchmark contract advanced 0.03%.

**Commodities**: Most domestic commodity futures benchmark contracts traded lower. As of press time, lithium carbonate futures hit the downside limit; the Europe route container freight index futures plummeted over 8%; Shanghai tin slumped over 6%; fuel oil, apple, Shanghai nickel, SC crude oil and butadiene rubber futures dropped over 3%; low-sulfur fuel oil (LU) and liquefied petroleum gas (LPG) futures fell over 2%. On the upside, polysilicon and rapeseed oil futures rose over 2%, and glass futures climbed over 1%.

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