Chinese A-shares staged a rebound after an early dip, with the ChiNext Index climbing over 1%. Stocks tied to Moore Threads surged, robotics concepts strengthened, and commercial aerospace plays remained active, while AI smartphone-related shares adjusted.
On December 4, China’s major indices were mixed: the Shanghai Composite edged down 0.06%, the Shenzhen Component rose 0.4%, and the ChiNext advanced 1.01%. Moore Threads-related stocks rallied on expectations of its imminent listing, while AI smartphone concepts softened after several firms issued "clarifications" downplaying business relevance. Robotics stocks gained amid broad sector strength, and commercial aerospace names fluctuated positively on catalysts like China’s new dedicated space regulator and rocket launch progress.
UBS projected the A-share rally would extend further.
In Hong Kong, the Hang Seng Index inched up 0.19% to 25,809.45, and the Hang Seng Tech Index added 0.58%. Trip.com Group rose 3.27%, Xiaomi gained 2.88% after a HK$302 million share buyback, and Zijin Mining advanced 2.26%. Horizon Robotics jumped 4.39%, Bilibili added 2.78%, and Hua Hong Semiconductor rose 2.77%, while Nio and Li Auto fell 1.59% and 1.51%, respectively.
Reports suggested the Trump administration is weighing an executive order to boost robotics in 2025, with Commerce Secretary Luttig engaging industry CEOs and a transportation task force imminent.
Commodities were mixed: containerized freight (Europe) surged 3.32%, international copper rose 2.96%, coking coal gained 1.69%, and crude oil edged up 0.73%. Butadiene rubber slid 1.97%, silver futures dropped 1.42%, and lithium carbonate declined 1.26%.
Treasury futures tumbled: the 30-year contract plunged 1.04%, with 10-year, 5-year, and 2-year contracts down 0.35%, 0.24%, and 0.05%. The 30-year cash bond yield rose 3.65 bps to 2.2725%.
**Intraday Highlights**: - 10:55 HKT: Hang Seng up 0.42%; Tech Index +1.13%. - 10:53: Mainland indices turned green, ChiNext +1%. - 10:02: Hong Kong’s dual gauges dipped into red. - 09:59: A-shares briefly negative; ChiNext -0.44%. - 09:56: China Vanke’s onshore bonds slumped, with "21 Vanke 06" plunging 22% (trading halted), "21 Vanke 04" -17%, and others down over 15%. - 09:52: China’s 30-year bond yield hit 2.26%, highest since October 15. - 09:45: CMOC’s A/H shares hit record highs. JPMorgan reiterated bullish copper views, favoring Zijin and CMOC for earnings growth. - 09:36: Commercial aerospace stocks like Aerospace Hi-Tech surged 10%, with others up over 5%. - 09:30: Treasury futures opened lower, led by 30-year (-0.64%). - 09:25: Shanghai Comp opened +0.04%; ChiNext flat. - 09:21: Hang Seng opened +0.17%; Trip.com and JD.com +3%, Horizon Robotics +2%. Li Auto -2%. - 09:00: Commodities opened mixed—tin futures +3%, copper +2%, while shipping, rubber, and lithium futures dropped over 1%.