The A-share market experienced volatile adjustments, with the Shanghai Composite Index opening lower before recovering, while the ChiNext Index showed weaker performance. Dairy, insurance, food, and retail sectors led gains, while CPO, lab-grown diamonds, AI smartphones, and lithium mining sectors declined.

As of midday on December 15, the Shanghai Composite fell 0.11%, the Shenzhen Component dropped 0.71%, and the ChiNext Index declined 1.29%. About half of the stocks rose, with half-day turnover reaching 1.2 trillion yuan. Consumer sectors bucked the trend, with dairy, food, and retail leading—Happy Home, Sunshine Dairy, and others hitting the limit-up. Commercial aerospace stocks remained active, with companies like Leike Defense and Tongyu Communication surging. The insurance sector strengthened, with Ping An of China rising nearly 5%, hitting a four-year high. On the downside, computing hardware stocks weakened, with Yangtze Optical Fiber briefly hitting the limit-down.

**Key Index Performances (Midday):** - Shanghai Composite: 3,884.93 (-0.11%) - Shenzhen Component: 13,164.03 (-0.71%) - ChiNext Index: 3,153.07 (-1.29%) - CSI 300: 4,573.30 (-0.17%) - STAR 50: 1,331.33 (-1.30%) - CSI 500: 7,137.42 (-0.45%) - CSI 1000: 7,335.05 (-0.49%)

**Market Highlights:** - Kweichow Moutai recently introduced volume-control policies. Citigroup noted these measures signal potential stabilization in wholesale prices and share performance. - The National Financial Regulatory Administration adjusted risk factors for insurers investing in CSI 300, CSI Dividend Low Volatility 100, and STAR Market stocks.

**Hong Kong Market:** The Hang Seng Tech Index fell nearly 2% intraday, closing midday down 1.79%, while the Hang Seng Index dropped 0.92%. Tech, biopharma, and semiconductor stocks dragged the market lower, while consumer and fertility-related shares rose on policy support. New China Life Insurance led gains among insurers.

**Commodities & Bonds:** - Domestic commodities mostly rose, with coking coal up 4.04%, PVC up 2.14%, and gold futures up 1.48%. International copper fell 1.73%. - Government bond futures declined, with the 30-year contract down 0.62% and the 10-year down 0.11%.

**Notable Stock Movements:** - **Moore Threads Technology Co.,Ltd.** (688795) dropped 6% intraday before trimming losses to 3%. The company announced plans to allocate up to 7.5 billion yuan of IPO proceeds for cash management. - Consumer stocks rallied, with Happy Home, Royal Group, and Sunshine Dairy surging. - Controlled nuclear fusion concept stocks extended gains, with Snowman Group and others hitting multi-day limits.

**Currency & Futures:** - The yuan’s central parity rate weakened 18 pips to 7.0656 against the dollar. - Commodity futures opened mixed, with alumina and coking coal up over 3%, while international copper fell 2%.