On May 28, the A-share market staged a V-shaped recovery. By the close, all four major indices were in positive territory. The Shanghai Composite Index rose 0.12%, the Shenzhen Component Index gained 0.8%, the ChiNext Index climbed 1.96%, and the STAR 50 Index advanced 1.76%. More than 3,000 stocks rose across the board, with over 100 hitting their daily limit-up.

From a sector perspective, gains in the computing hardware concept expanded in the afternoon session, led by optical communications and PCB segments. LianTe Technology touched the 20% limit-up, while Tongguan Copperfoil surged over 16%. Earlier, Tiantong Co., Ltd., Baoding Technology, Honghe Technology, and Jin'an Guji had also reached limit-up. Defu Technology, Xinqi Micro Equipment, International Composite Materials, and Rilian Technology, among others, rose over 10%.

The CPO concept rallied in the afternoon, with Anfu Technology hitting a limit-up. The "Yi Zhong Tian" trio of optical module giants all reached new historical highs. The communications equipment sector was active, with ZTE Corporation (ZTE) surging straight to a limit-up in the afternoon session, closing at 38.3 yuan per share. Guangku Technology, LianTe Technology, Wanlong Optoelectronics, and Changyingtong rose over 10%.

On the news front, on May 28, ZTE Corporation announced its first repurchase of A-shares. On May 27, the company conducted its first A-share repurchase via the Shenzhen Stock Exchange's centralized bidding system, buying back 19.259 million shares, representing 0.40% of its total share capital. The highest transaction price was 34.98 yuan per share, the lowest was 34.44 yuan per share, with a total payment of 670 million yuan.

Additionally, the chip industry chain saw a volatile rise. Guofeng New Materials, Yida Co., Ltd., and Kangda New Materials hit limit-up, while Hua Hong Semiconductor Limited (Hua Hong) surged over 15%, continuing to set a new historical high. Ultra-hard materials gained, with the lab-grown diamond concept surging. Huifeng Diamond, Sifangda, and Huanghe Xuanfeng hit limit-up.

The power and coal sectors strengthened. Huadian Energy recorded its fourth consecutive limit-up, Yue Dianli A its second, while Haohua Energy hit limit-up and Xinji Energy surged over 6%.

On the downside, affected by a drop in spot gold and silver prices, the precious metals sector fell sharply collectively. Chifeng Gold and Zhongjin Gold both dropped over 4%. The baijiu concept adjusted collectively, with Jinzhongzi Liquor, Jinhuijiu, and Huangtai Wine Industry declining.

In the Hong Kong market, the Hang Seng Index fell 1.3%, and the Hang Seng Tech Index declined 0.55%. Major tech and internet stocks were mostly lower, with Meituan down nearly 6%, SenseTime down over 5%, and Baidu Group, Bilibili, JD.com, Tencent Holdings, and Alibaba down over 2%.

Chip stocks bucked the trend with strong gains. Hua Hong Semiconductor (Hua Hong) rose over 11%, and SMIC gained over 3%. Among other notable individual stocks, Zhipu AI surged over 13%, its share price breaking through 1,600 HKD, with a latest market capitalization of 720.9 billion HKD.