AI computing power construction is driving demand for high-speed PCBs, and copper-clad laminate and circuit board concept stocks continue to surge. Optical chip concept stocks fell collectively, with Yuanjie Technology and Dongshan Precision hitting the daily limit down. Reports indicate that optical chip prices are already under pressure, with 1.6T supporting optical chips facing downward pricing pressure.

On October 8, A-shares opened collectively lower in early trading, with the three major indices briefly surging higher — the ChiNext rose 1% before gains continuously retreated and the ChiNext fell over 1%. Copper-clad laminate, shipping, lithium battery, and solid-state battery concept stocks surged, while the STAR 50 fell 2%. Optical chips, optical modules (CPO), and innovative drugs came under pressure, with semiconductor and automotive sectors falling into correction.

Hong Kong stocks opened lower in early trading, with the Hang Seng Index and Hang Seng Tech Index briefly recovering before collectively declining again. The Hang Seng Tech Index dropped over 1%, with heavyweight tech stocks falling collectively — Kuaishou, Baidu, Alibaba, and Lenovo all moved lower. Chip and semiconductor stocks also came under pressure, with Hua Hong Semiconductor, Longsys, and Montage Technology among the biggest decliners. The AI large model duo tumbled collectively, with Zhipu falling 5% and MINIMAX dropping over 7%.

In the bond market, treasury bond futures mostly declined. In commodities, domestic commodity futures broadly rose, with crude oil and fuel oil surging. Core market movements:

A-shares: As of press time, the Shanghai Composite rose 0.40%, the Shenzhen Component rose 0.10%, and the ChiNext Index fell 0.14%.

Hong Kong stocks: As of press time, the Hang Seng Index fell 0.17% and the Hang Seng Tech Index dropped 0.92%.

Bond market: Treasury bond futures fell across the board. As of press time, the 30-year main contract was flat, the 10-year main contract fell 0.04%, the 5-year main contract dropped 0.02%, and the 2-year main contract was flat.

Commodities: Domestic commodity futures mostly rose. As of press time, fuel oil skyrocketed 15%, asphalt and crude oil surged over 5%, lithium carbonate, coking coal, and container shipping index rose over 2%, Shanghai copper, rubber, and soybean meal gained over 1%. Shanghai tin, coke, alumina, manganese silicon, wood pulp, polysilicon, and rapeseed moved higher, while caustic soda, industrial silicon, Shanghai aluminum, Shanghai gold, and hot-rolled coils declined. Rebar, glass, stainless steel, Shanghai nickel, Shanghai silver, and iron ore fell over 1%, platinum dropped nearly 3%, and palladium plunged over 6%.

10:33

The ChiNext Index fell over 1%, having previously risen over 1%.

10:21

The storage sector surged then pulled back, with ChangXin Technology and DapuStor both falling over 4%, while GigaDevice, Longsys, Biwin Storage, and Demingli followed lower. Latest industry data shows DRAM spot trading is sluggish with flat prices, and market concerns over the sustainability of storage price increases are rising.

10:09

The STAR 50 fell over 2% intraday. Among constituent stocks, Allist dropped 20%, Yuanjie Technology fell 20%, Transsion Holdings declined over 13%, and Roborock dropped over 9%.

09:57

The ChiNext Index turned negative, having previously risen over 1%.

09:56

Dongshan Precision and Yuanjie Technology both hit the daily limit down, with the optical chip index sliding over 4%. Reports indicate that optical chip prices are already under pressure, with 1.6T supporting optical chips facing downward pricing pressure.

09:39

The copper-clad laminate index rose over 5%, with Shiming Technology leading the surge to the limit up. Shengyi Technology, Victory Giant Technology, Tongguan Copper Foil, and Nanya New Material all rallied collectively. AI computing power construction is driving high-speed PCB demand, with high-end copper-clad laminate supply and demand remaining tight, and the industry continuing to see rising volumes and prices.

In early trading, PCB concept stocks became active again, with Shiming Technology and Dongcai Technology hitting the limit up, Tongyu New Material and Chenghe Technology rising over 10%, while Fangbang Technology, Nanya New Material, and Shengquan Group followed lower.

On the news front, Kingboard Laminates has issued multiple rounds of CCL price increase notices this year, and Nan Ya Plastics raised product prices starting from September, with the price increase effect fully transmitting downstream. A research report from Sinolink Securities states that strong AI demand is driving PCB price and volume increases, with multiple AI-PCB companies seeing strong orders, full production and sales, and aggressive capacity expansion. Meanwhile, overseas copper-clad laminate manufacturers are expanding capacity slowly, and the shortage-driven price increase trend is expected to continue.

09:37

The real estate sector fluctuated higher, with Shenzhen Property A and Lujiazui both hitting the limit up, while World Union, Daming City, Sunshine Shares, and 5i5j followed higher.

On the news front, reports indicate that during the National Day holiday, the second-hand housing market in Shenzhen saw significantly increased activity. With Shenzhen lifting purchase restrictions in non-core areas, more and more non-Shenzhen household residents are turning their attention to Shenzhen for property purchases.

09:34

In early trading, innovative drug concept stocks fluctuated lower, with Allist hitting the 20cm limit down, ACROBiosystems falling over 10%, and Asieris Pharmaceuticals, Mabwell Bioscience, Tenoa Biopharma, Huiyu Pharmaceutical, and Hotgen Biotech following lower.

On the news front, Allist announced that the Phase III clinical trial of furmonertinib did not reach its primary endpoint. Affected by this news, partner ArriVent's US stock plunged 47% in a single day on October 6.

09:33

In early trading, the shipping sector fluctuated higher, with COSCO Shipping Energy Transportation hitting the limit up, while China Merchants Energy Shipping, China Merchants Energy Shipping Nanhai, and Haitong Development rose over 5%. On the news front, Clarksons data shows that third-quarter VLCC average earnings reached $277,995 per day, with some route earnings exceeding $1.6 million per day entering early October, and overall market earnings levels once exceeding $600,000 per day.

09:32

Yuanjie Technology fell nearly 18%, with the STAR direction clearly under pressure, as Changguang Huaxin and Shijia Photons declined simultaneously.

In early trading, CPO concept stocks fluctuated weaker, with Dongshan Precision hitting the limit down, Yuanjie Technology and Changguang Huaxin falling over 17%, Shijia Photons dropping over 10%, and Linktel Technologies, Focuslight Technologies, Tianfu Communication, and Changxin Bochuang following lower.

09:26

The Shanghai Composite Index opened 0.08% lower, while the ChiNext Index rose 0.17%. Optical modules, precious metals, and real estate sectors corrected. Vaccines, shipping, and petrochemical sectors strengthened.

09:21

The Hang Seng Index opened 0.41% lower, and the Hang Seng Tech Index fell 0.25%. Yangtze Optical Fibre and Cable, Zhipu, Cambridge Technology, and Alibaba corrected.

09:20

Domestic energy and chemical futures rose collectively, with fuel oil main contract rising nearly 14%, LPG hitting the limit up, and methanol gaining over 8%.