A-shares midday review: Shanghai Composite Index slightly down at midday, real estate and non-bank financial sectors rise against the trend

The three major A-share indices all declined in the morning session. By midday, the Shanghai Composite Index fell 0.04%, the Shenzhen Component Index dropped 0.4%, the ChiNext Index declined 0.58%, and the Beijing Securities 50 Index decreased 0.23%. The combined half-day trading volume of the Shanghai, Shenzhen, and Beijing markets was 1.3779 trillion yuan, down 140 billion yuan from the previous day. Over 3,400 stocks in the market declined.

In terms of sectors and themes, insurance, securities, real estate, steel, automobile manufacturing, photovoltaic equipment, gaming, and power sectors led gains; oil and gas exploration and services, CPO, optical fiber, PET copper foil, cultivated diamonds, lithography machines, corn, and advanced packaging sectors saw the largest declines.

On the market, following the overnight Nvidia GTC conference, many AI hardware stocks such as CPO, optical fiber, and copper foil fell in the early trading hours, with Juguang Technology, Zhongfu Circuit, and Tianfu Communication experiencing the largest drops. Oil and gas stocks followed the decline in international oil prices overnight, with stocks like Tongyuan Petroleum, Intercontinental Oil & Gas, and Sinopec Oilfield Services falling.

Meanwhile, the real estate sector continued its recent upward trend, with Jingtou Development hitting three consecutive daily limit-ups after Shanghai adjusted the minimum down payment ratio for commercial property purchases to no less than 30%. Non-bank financial sectors such as securities and insurance experienced intraday fluctuations; Guosen Securities and GF Securities were affected, possibly boosted by market optimism after Ant Group’s acquisition of Yao Cai Securities was approved. Additionally, sectors like steel, automobile manufacturing, and photovoltaic equipment showed some positive performance.