China's A-Share Three Major Indices Rise in Volatile Morning Trading; Hong Kong's Hang Seng Index Up Nearly 1%
Nashnova编辑部
All three A-share benchmarks edged higher on the morning of August 26 while Hong Kong's Hang Seng gained nearly 1%, with capital flowing into precious metals, brokerages, and biotech — yet bonds and most commodity futures fell, revealing a structural shift in risk appetite.
How much did A-shares and Hong Kong stocks gain?
The Shanghai Composite rose 0.32%, the Shenzhen Component 0.37%, and the ChiNext 0.25% — all three moved in the same direction, but gains were modest.
Hong Kong outperformed: the Hang Seng Index climbed 0.94% and the Hang Seng Tech Index 1.35%, with internet stocks broadly rebounding.
This means → Hong Kong led the session and tech showed greater elasticity, signaling that today's buying favors growth assets over defensives.
Which A-share sectors led the rally?
Precious metals and base metals extended their gains, riding global risk-aversion sentiment and industrial-metal demand expectations.
Brokerages surged sharply: Jinlong Shares hit the daily limit, with Xiangcai Co., Guoyuan Securities, China Merchants Securities, and Guosen Securities following. In plain terms = brokerages are often called the "bull-market flag-bearers" in A-shares — a sudden spike usually means the market is betting on higher trading volumes ahead.
Controlled nuclear fusion stocks strengthened: Rongfa Nuclear Power hit the limit-up on open; Hahan Huatong and Changfu Shares each rose over 10%.
The flip side: optical-module and glass-substrate concept stocks pulled back — capital is rotating from high to low.
Why is biotech so strong today?
On the A-share side, Hansen Pharma has now hit the daily limit for six consecutive sessions; CanSino and Weiguang Bio also hit the limit, keeping the sector active.
Hong Kong was even stronger: the Hang Seng Biotech Index gained over 3%, Innovent Biologics surged more than 12%, and Akeso rose over 8%.
Innovent's catalyst is clear — its filing showed first-half 2026 revenue of RMB 8.618 billion, up 44.8% year-on-year, and net profit of RMB 1.253 billion, up 50.2%.
Nomura analysts noted that net profit — up 50% to roughly RMB 1.3 billion — beat both the house estimate and Bloomberg consensus, driven by higher drug gross margins, lower operating expenses, and reduced other costs. This means → Innovent has shifted from a "burn cash to build the pipeline" phase into profit release, which is exactly the narrative capital is chasing.
What are bonds and commodity futures telling us?
Treasury futures fell across the board: the 30-year benchmark contract dropped 0.23%, the 10-year and 5-year each lost 0.04%, and the 2-year dipped 0.01%.
This reflects a flow of capital from bonds into equities — the classic stock-bond seesaw showed up clearly in this morning's session.
Most commodity futures declined: rubber and alumina fell 1%; coke, bitumen, crude oil, and fuel oil led losses, with fuel oil down a striking 8%.
But divergence existed: soybean meal rose 1%, and Shanghai copper, silver, tin, aluminum, and iron ore all gained. Put simply = metals tracked the A-share metals rally while energy and petrochemicals weakened — the market was far from one-directional.
Content is for reference only, not financial advice.