Consumer electronics stocks are strong, while shipping and precious metals sectors continue to decline. Baijiu sector rebounded slightly, and Kweichow Moutai rose 1% during early trading. Hong Kong stocks opened low and moved lower, with Hang Seng Tech Index falling 1%. Electric vehicle stocks led the decline, with Nio Inc dropping more than 7%, Xpeng dropping 5%, and Li Auto dropping 2%.
On Wednesday, A-shares opened slightly lower, with the SSE Composite Index falling by 0.09% and the Chinext Price Index falling by 0.45%. Shipping, electric power grid, and precious metals sectors continue to adjust, while the robotics, solid-state batteries, and phosphorus chemical indices weakened; cross-border e-commerce and consumer electronics concepts strengthened, and some parts of the semiconductor industry chain were active.
Alcoholic beverage stocks rebounded after yesterday's decline, and Kweichow Moutai rose 1% in early trading. Previously, Kweichow Moutai, favored by foreign capital, had fallen for four consecutive days until Tuesday, and the stock price had fallen to a low not seen since November 2022. Foreign capital has become an important force for selling. Data showed that on Tuesday, northbound funds net sold about 2.68 billion yuan of Moutai, the largest net sell-off; at the same time, the northbound holdings of Moutai as a proportion of its total A shares traded fell to 6.99%, the lowest since February this year. Since May, the stock has only risen on six trading days; Moutai's downward trend is roughly in sync with Hong Kong Stock Exchange's decision not to disclose real-time northbound trading data since May 13. According to Shanghai Securities News, the wholesale reference price of Feitian Moutai liquor has continued to decline recently, falling nearly 3% from the beginning of this month on Tuesday.
Hong Kong stocks opened lower and fell, with the Hang Seng Index and the Hang Seng Tech Index both down 1%. New energy vehicle stocks fell, with NIO down more than 7% and XPeng down nearly 5%. Evergrande Auto fell nearly 12% and was asked to return RMB 1.9 billion in reward subsidies. Xinyuan PM and Yincheng LS fell about 34% and 26% respectively upon resumption of trading.
In terms of A-share sectors, the apple industry chain led the gains at the opening, Yingtong Telecommunication rose by its daily limit, Zhixin Precision, Shenzhen Jame Technology, and other stocks rose by more than 10%, while Jabond Technology, Everbright Securities, Jones Tech Plc, and Avary Holding all opened sharply higher. On the news side, Apple jumped more than 7% overnight, reaching a new all-time high with a total market capitalization of $3.18 trillion.
AI smartphone concept stocks also rose one after another.
Alcoholic beverage stocks rebounded.
Shipping stocks continued to fall, with a lasting pullback.
In terms of Hong Kong stock sectors, Apple concept stocks rose across the board, with FIH Mobile rising more than 8%.
Government bond futures opened mixed, with block orders for the 30-year term contract holding steady, and block orders for the 10-year and 5-year term contracts rising by 0.02%; the block orders for 2-year term contracts held steady.
