ChiNext Index Surges 3.66% in Morning Session as AI Hardware and Shipping Sectors Rally
Taylor Wilson
ChiNext jumped 3.66% by the midday break as AI-computing hardware and shipping stocks surged in tandem, with half-day turnover hitting RMB 2.05 trillion — capital poured into both the tech and geopolitical trades simultaneously, signaling a sharp rise in risk appetite.
How much did the indices gain — and who led?
At the midday close the Shanghai Composite stood at 4,068.58, up 0.92%; the Shenzhen Component rose 2.53%; the ChiNext led at +3.66%.
The STAR 50 gained 3.62%, the CSI 500 2.45%, and the CSI 1000 2.79%. This means → small- and mid-caps with a growth/tech tilt were the market's clear favorites today.
Across Shanghai, Shenzhen and Beijing boards, nearly 3,400 stocks advanced and 119 hit the daily limit, on half-day turnover of RMB 2.05 trillion. In plain terms = this was not a handful of heavyweights dragging the index — the vast majority of stocks rose, and the breadth of profit-making was wide.
Why did AI-computing hardware explode across the board?
Computing hardware was the morning's strongest theme. PCB — printed circuit boards, the physical "skeleton" of chips and servers — and CPO — co-packaged optics, connecting chips with light instead of electricity for higher speed — stocks extended their rally.
Taichen Optics, Changxin Bochuang, and Shengyi Technology hit the daily limit; semis rose in sympathy, with Focuslight Technologies and Silan Micro touching the cap.
Copper-clad laminates, circuit boards, and optical circuit switches all posted outsized gains. This reflects the market pricing in the entire "computing infrastructure" chain from upstream to downstream.
Shipping stocks hit the limit — what was the catalyst?
The trigger: President Trump announced a peace deal with Iran, declaring the Strait of Hormuz — the chokepoint through which roughly one-fifth of global oil shipments pass — will be "open toll-free."
A-share shipping stocks surged at the open: China Merchants Nanyo, Phoenix Shipping, COSCO Shipping Energy, and China Merchants Shipping all hit the daily limit. In Hong Kong, COSCO Shipping Energy's H-shares jumped as much as 14%, and the three state-owned airline giants followed.
This means → the market is betting: lower strait transit costs → lower operating expenses for carriers → wider profit margins. The flip side of the same coin: expected oil-price declines put the energy and coal sectors under pressure.
Why did Hong Kong-listed AI model stocks spike?
Zhipu (智谱) surged as much as 48% at the open and was still up about 30% at midday; MiniMax rose over 5% in Hong Kong; the Hang Seng Tech Index gained more than 1%.
The news: after leading overseas AI vendors adjusted China supply under U.S. export controls, domestic large-model developers moved quickly to open up — Zhipu announced its GLM-5.2 model is now available to all users and will be open-sourced under the MIT license.
In plain terms = when overseas supply tightens, domestic models accelerate "opening the doors" to capture developers. JPMorgan had already raised Zhipu's price target earlier, and capital is front-running that thesis.
Why are brokerages and gold rising together?
Financials continued to anchor the market: China Securities (中银证券) posted a second consecutive daily-limit gain; Huaan Securities neared the limit. Among futures firms, Ruida Futures and Nanhua Futures both hit the cap.
Precious-metals names surged across the board — Chifeng Gold rose nearly 10% intraday, with Zhaojin Gold and Sichuan Gold following. Moves tracked strength in metals futures.
This reflects two forces stacking: first, in a bull-market mood brokerages — the "pick-and-shovel sellers" — benefit directly from surging turnover; second, geopolitical uncertainty drives safe-haven flows into gold.
How are commodities splitting — and what is the bond market saying?
Precious and base metals were strong: Shanghai silver jumped nearly 8%; Shanghai tin and gold rose over 4%. Energy and chemicals sold off hard: asphalt, crude, and fuel-oil front-month contracts fell more than 6%; the container-freight index dropped nearly 3%.
In plain terms = one U.S.–Iran deal sent "the shippers" limit-up and "the oil sellers" limit-down — one headline, two diametrically opposite trades.
Treasury futures mostly rose; the 30-year front-month contract gained 0.11%. This means → even with equities surging, bonds still found buyers — a sign that some capital is hedging risk and locking in liquidity, not chasing stocks with abandon.
Content is for reference only, not financial advice.