GEM opens more than 2% higher; computing hardware rebounds; coal and liquor stocks surge; Hang Seng TECH Index jumps 3%; tech internet stocks rally collectively

A-shares rebounded across the board in early trading. Previously, China Reform Holdings and Chengtong Holdings simultaneously announced increases in their holdings of Chinese stock assets. Tech stocks, including computing hardware and chip semiconductors, rebounded broadly at the open. Hong Kong-listed tech internet stocks surged, with Alibaba rising over 5%. On the news front, on July 19, Alibaba released the preview version of its flagship large model, Qwen3.8 Max, with a parameter scale reaching 2.4 trillion. Officials described it as "one of the most powerful models today, comparable to leading frontier AI models."

On July 20, A-shares opened higher across the board in early trading. The three major indices rose collectively at the open, with the Shanghai Composite returning to the 3,800-point mark. The GEM rose over 3%. Tech stocks such as computing hardware and chip semiconductors saw significant rebounds at the open, with servers and AI computing power sectors rallying. Circuit boards and copper-clad laminates faced pressure, while oil & gas and coal sectors strengthened. Innovative pharmaceuticals opened lower but moved higher, rising quickly in early trading.

Hong Kong stocks opened higher and continued to climb. Both the Hang Seng Index and the Hang Seng TECH Index rose in early trading. The Hang Seng Index gained 2%, and the Hang Seng TECH Index rose 3%. Tech internet stocks rebounded collectively, with Alibaba up over 5%, and Meituan, Tencent, JD.com, and others all rising. The biotechnology sector surged. In the bond market, treasury bond futures generally declined. In commodities, most domestic commodity futures rose. Key market movements:

A-shares: As of press time, the Shanghai Composite rose 0.92%, the Shenzhen Component rose 1.16%, and the ChiNext rose 2.78%.

Hong Kong Stocks: As of press time, the Hang Seng Index rose 1.69%, and the Hang Seng TECH Index rose 3.01%.

Bond Market: Treasury bond futures fell across the board. As of press time, the main contract for 30-year bonds fell 0.14%, the 10-year main contract fell 0.05%, the 5-year main contract fell 0.02%, and the 2-year main contract fell 0.01%.

Commodities: Domestic commodity futures rose broadly. As of press time, crude oil rose nearly 7%, fuel oil and asphalt both rose over 4%, caustic soda rose over 2%, and coking coal, rubber, alumina, Shanghai tin, pulp, and Shanghai silver rose 1%. Soybean meal, coke, rapeseed, container shipping index, Shanghai gold, Shanghai copper, manganese silicon, and Shanghai aluminum all rose. Industrial silicon, Shanghai nickel, stainless steel, iron ore, rebar, hot-rolled coil, eggs, polysilicon, and platinum fell. Lithium carbonate, glass, and palladium fell more than 1%.

09:52

The coal sector saw a volatile rebound in early trading. DYEC and ZCE hit the daily limit up, HYNY touched the limit up, while China Coal Energy, HAOHUA ENERGY, and YANKUANG ENERGY followed with gains.

On the news front, data showed that as of July 17, the price of thermal coal at Qinhuangdao Port rose to 821 yuan/ton, an increase of 29 yuan/ton from the previous period. The coal index rose 2.79% this week. National raw coal production in June dropped sharply by 9.7% year-on-year, marking the largest decline in nearly a decade. The year-on-year decline in production at sample coal mines in Shanxi, Shaanxi, and Inner Mongolia also widened to 4.4%. Daily consumption at southern power plants rose to 6.12 million tons/day, while days of inventory coverage dropped to 19.6 days, signaling the release of restocking demand.

Liquor stocks also rallied, with Gujing Gongjiu and JinHui Liquor among the top gainers.

09:48

AI server concepts strengthened with volatility in early trading. Inspur Information, Unisplendish Corporation, and Gongjin Shares hit the daily limit up, while Sugon, Huaqin Technology, Haidar, Digital China, and others followed with gains.

On the news front, the first fully domestic 100,000-card AI supercluster—the Sugon 8000 (Dengfeng) real machine—made its global debut at WAIC. Previously, Sugon stated that the Sugon 8000 (Dengfeng) had been connected to the National Supercomputing Internet, marking the transition of AIDC deployment from the 10,000-card level to the 100,000-card level.

09:42

CPO concepts saw volatile rebounds in early trading. Eoptolink rose over 8%, Semight gained more than 10%, while Shijia Photons, JPT, Zhongji Innolight, TACLINK, TFC, and other stocks rose over 5%.

On the news front, on July 19, Eoptolink announced that the net profit attributable to shareholders of the listed company for the first half of 2026 is expected to be between 7 billion yuan and 8 billion yuan, representing a year-on-year increase of 77.56% to 102.93%.

09:40

The Hang Seng TECH Index rose 3% during the day. Hua Hong Semiconductor rose over 8%, Bilibili rose over 6%, and Alibaba rose over 5%.

09:36

The ChiNext rose over 3%, and the Shanghai Composite rose over 1%, returning above the 3,800-point mark. Oil & gas, computing power leasing, semiconductor chips, CPO, and other sectors led the gains. More than 4,200 stocks rose across the Shanghai, Shenzhen, and Beijing markets.

09:32

Innovative pharmaceutical concepts continued to adjust in early trading. Joinn Laboratories hit the daily limit down for the second consecutive day. Additionally, Harbin Pharmaceutical, Linkcon Medicine, and Tianjin Pharmaceutical hit the daily limit down. Wanbang Pharma, Bioray Pharmaceuticals, Changshan Pharmaceutical, Lifang Pharmaceutical, and Pianzihuang all fell more than 5%.

09:26

The Shanghai Composite opened 0.73% higher, and the ChiNext rose 2.2%. The computing hardware industry chain rebounded, with servers, lab-grown diamonds, and CPO sectors leading the gains; photovoltaics, semiconductors, rare earths, and oil & gas sectors were among the top gainers. Lithium battery and innovative pharmaceutical concepts weakened.

09:21

The Hang Seng Index opened 1.11% higher, and the Hang Seng TECH Index rose 2.2%. Tech internet stocks rebounded collectively. Hua Hong Semiconductor and XPeng Group rose more than 4%, while JD Health, SenseTime, and Alibaba rose more than 3%.