On June 17th, the A-share market experienced volatile trading with mixed movements across the major indices. The Shanghai Composite Index dipped initially before turning positive, while the Shenzhen Component Index and the ChiNext Index trended higher. The AI hardware sector continued its upward momentum, with printed circuit board (PCB) and copper-clad laminate concepts surging again. Concepts like glass fiber and glass substrates saw significant gains, alongside rises in the shipping and precious metals sectors. The retail and automotive sectors underwent adjustments.

The Hong Kong market also displayed a divergent pattern. The Hang Seng Index was slightly down, while the Hang Seng Tech Index recorded a modest gain. Most technology and internet stocks moved higher, with Kuaishou Technology rising over 3%. Apple concept stocks staged a broad rebound. AI large model stocks showed mixed performance, with MINIMAX-WP soaring more than 8%. In the bond market, treasury futures collectively advanced. In commodities, domestic futures showed a split performance. The core market movements are as follows:

A-Shares: At the time of writing, the Shanghai Composite Index was up 0.05%, the Shenzhen Component Index rose 0.82%, and the ChiNext Index fell 0.39%.

Hong Kong Shares: At the time of writing, the Hang Seng Index declined 0.02%, while the Hang Seng Tech Index increased 0.05%.

Bond Market: Treasury futures were up across the board. At the time of writing, the 30-year main contract rose 0.12%, the 10-year main contract gained 0.02%, the 5-year main contract increased 0.02%, and the 2-year main contract was flat.

Commodities: Domestic commodity futures were mostly higher. At the time of writing, lithium carbonate and rubber surged over 1%. Soybean meal, stainless steel, coking coal, pulp, Shanghai aluminum, rapeseed, Shanghai copper, and industrial silicon all moved up. Aluminum oxide, Shanghai nickel, Shanghai tin, hot-rolled coil, Shanghai silver, rebar, glass, coke, and eggs declined. Caustic soda, ferromanganese silicon, iron ore, and polysilicon fell more than 1%. Asphalt, containerized freight index, crude oil, and fuel oil were among the biggest decliners.

Market Moves and Key Developments

At 10:04, Hong Kong-listed Apple concept stocks strengthened. At the time of writing, Sunny Optical Technology jumped 8%, AAC Technologies rose 3%, with Cowell e Holdings and Q Technology both gaining 2%.

The move followed reports from noted Apple analyst Mark Gurman, who stated on Tuesday that Apple plans to launch AirPods with cameras in the second half of 2027, along with a "20th-anniversary edition" iPhone and a second-generation foldable phone.

At 10:02, popular PCB concept stock Shennan Circuits hit the intraday limit-up, reaching a new all-time high with its total market capitalization surpassing 300 billion yuan.

The company announced plans for a private placement to raise no more than 4.882 billion yuan. The net proceeds, after deducting issuance expenses, will fund the Wuxi Shennan Circuits AI Computing Power Electronic Circuit Products Project (3.6 billion yuan) and supplement working capital (1.282 billion yuan). The project focuses on producing high-speed, high-density, multi-layer PCBs for AI servers and switches, with a one-year construction period.

At 09:48, the supercapacitor concept saw a surge in early trading. Haixing Group hit its third consecutive limit-up. Aihua Group and Tongfeng Electronics also reached limit-up, while Jianghai Capacitor, Dongyangguang, Longchen Technology, and Wanshun New Material advanced.

Analysis suggests that as AI server power consumption continues its non-linear rise and GPU training/inference processes cause instantaneous current fluctuations, capacitors are evolving from traditional components into a core incremental segment akin to "electrical RAM." Electrolytic capacitors, supercapacitors, and MLCCs are all entering a cycle of surging demand, tight supply, and price revaluation.

At 09:36, the MLCC concept remained active. Hongming Electronics surged over 10%, with Yunzhong Technology, Sunway Communication, Shuangxing New Material, and Guoci Materials following higher.

At 09:33, the PCB concept maintained its strength. Huazheng New Material hit its third consecutive limit-up, setting another record high. Sheng Yi Technology, Nanya New Material, Honghe Technology, Shandong Fiberglass, Sinoma Science & Technology, and China Jushi also rose.

At 09:31, the glass substrate concept strengthened again in early trading. Qibin Group reached its third consecutive limit-up. Truly Semiconductors gained over 10%. Linuo Pharmaceutical Packaging, Meetday, Woguang Optoelectronics, and DR Laser were among the top gainers.

Reports indicate that TSMC recently issued a "CoWoS Glass Substrate Development Plan" to its supply chain, confirming collaboration with ABF substrate maker Ibiden and panel maker Innolux to jointly verify the feasibility of introducing glass substrates into CoWoS advanced packaging. This marks TSMC's first public disclosure of the application progress for glass substrate technology, signaling its formal entry into the industrial verification stage.

At 09:26, the Shanghai Composite Index opened 0.43% lower, and the ChiNext Index opened down 1.01%. The semiconductor and computing hardware supply chain adjusted, with industrial gases, lithography machines, and CPO sectors leading the decline. Commercial aerospace, rare earth permanent magnets, nuclear power, and solid-state battery concept stocks weakened. The photovoltaic industry chain moved higher.

At 09:21, the Hang Seng Index opened 0.01% higher, while the Hang Seng Tech Index opened down 0.47%. MINIMAX-WP, Huahong Grace, and Horizon Robotics fell over 2%. Lenovo Group, XPeng, and SMIC were among the notable decliners.