The phosphate chemical sector continued its strong performance from the previous session. This follows the U.S. announcement designating elemental phosphorus and key herbicides like glyphosate as critical defense materials. Multiple stocks in the nonferrous metals sector advanced. During the Spring Festival holiday, overseas nonferrous metals generally showed strength, with prices for LME tin, nickel, copper, and others broadly increasing.

On February 25th, A-shares experienced volatile gains in early trading, with the three major indices edging higher. Sectors such as chemicals, oil and gas, and shipping extended their upward trend, while property stocks saw a notable surge. Computing hardware stocks generally declined, led by segments like memory, optical communication, and CPO. Hong Kong stocks maintained gains after a higher open, with the Hang Seng Index and the Hang Seng Tech Index advancing. Technology and internet stocks broadly rebounded, though large model concept stocks slumped sharply. Zhipu AI fell over 7%, while MINIMAX plummeted more than 16%.

In the bond market, treasury futures mostly declined. In commodities, domestic commodity futures mostly trended higher, with lithium carbonate rising over 5%.

Core Market Movements:

A-Shares: As of writing, the Shanghai Composite Index was up 0.54%, the Shenzhen Component Index rose 0.49%, and the ChiNext Index gained 0.05%.

Hong Kong Stocks: As of writing, the Hang Seng Index increased by 0.37%, and the Hang Seng Tech Index advanced 0.58%.

Bond Market: Treasury futures were mostly lower. As of writing, the 30-year main contract was up 0.02%, the 10-year main contract rose 0.01%, while the 5-year main contract fell 0.01%, and the 2-year main contract declined 0.02%.

Commodities: Domestic commodity futures were broadly higher. As of writing, lithium carbonate surged over 5%, platinum and palladium gained over 4%, Shanghai tin rose more than 3%, rubber increased by 2%, while Shanghai nickel, Shanghai silver, coking coal, soybean meal, glass, and stainless steel each advanced around 1%. Pulp, coke, iron ore, rebar, Shanghai copper, and others also moved higher.

10:02 Declines for Hong Kong's large model concept stocks widened. MINIMAX plummeted over 15%, and Zhipu AI fell more than 8%.

09:43 The shipping sector continued its strong performance. China Merchants Energy Shipping hit the upper limit again, achieving three limit-up sessions in four days and setting a new historical high. COSCO SHIPPING Energy Transportation and China Merchants Nanjing Tanker Corporation also reached the upper limit. Antong Holdings climbed nearly 7%, followed by gains in COSCO SHIPPING Specialized Carriers, Haitong Development, Ningbo Ocean Shipping, and others.

09:39 The nonferrous metals sector strengthened at the market open. Yunnan Chihong Zinc & Germanium and China Nonferrous Metals Industry surged to the upper limit. Zhangyuan Tungsten, Yunnan Tin, Northern Rare Earth, Huaxi Chromium, and Shenghe Resources followed with gains.

09:34 The film and cinema concept continued to decline. Bona Film Group and Hengdian Films saw their second consecutive limit-down sessions. China Film Co., Ltd., Enlight Media, and Happiness Blue Ocean also fell.

09:30 The phosphate chemical sector extended its gains. Chengxing Group hit the upper limit for the second consecutive session. Hebond Biotechnology, Kingenta, Liuguo Chemical, Hunan Hengan, and Sichuan Jinlang, among others, opened higher.

09:26 The Shanghai Composite Index opened 0.15% higher, and the ChiNext Index rose 0.15%.

Sectors including oil and gas, shipping, chemicals, and nonferrous metals strengthened again. Concepts like superconductivity, PEEK materials, and high-speed copper connection were active. Superhard materials, memory, photovoltaics, AI applications, Unitree Robotics, and the tax refund theme weakened.

09:21 The Hang Seng Index opened 0.58% higher at 26,745.20 points; the Hang Seng Tech Index rose 0.86%. XPeng Motors gained over 2%, while Hua Hong Semiconductor and SMIC advanced more than 1%.

09:16 The central parity rate for the yuan was set at 6.9321 against the U.S. dollar, an increase of 93 basis points. The previous day's central parity rate was 6.9414, marking the highest level since May 11, 2023. The previous trading day's official closing price was 6.8849, and the overnight session closed at 6.8812.