Computing hardware stocks continued their correction, with CPO and related sectors leading the declines. The sell-off in U.S. software stocks overnight extended to semiconductors and AI concept stocks across the broader technology sector. The photovoltaic industry chain experienced a full-line decline, with space-based photovoltaics and TOPcon battery segments leading the downturn. Earlier reports indicated that Elon Musk's team recently conducted intensive inspections of China's photovoltaic industry chain, engaging with multiple companies including GCL Group, Jinko Solar, and TCL Zhonghuan. Several companies subsequently issued announcements clarifying that no formal agreements or orders have been signed yet, emphasizing that "space-based photovoltaics" remains in early exploration stages with significant uncertainties.

On February 5th, A-shares opened lower in morning trading, with all three major indices declining. The Shanghai Composite Index fell 1%, while the ChiNext Index dropped nearly 2%. Precious metals, computing hardware stocks, and the photovoltaic industry chain collectively declined. Retail and tourism sectors showed some recovery. Hong Kong stocks opened lower and continued falling, with both the Hang Seng Index and Hang Seng Tech Index dropping over 1%. Technology and internet stocks saw another round of widespread declines, with Tencent and Alibaba both falling more than 2%. In bond markets, treasury futures fluctuated downward. Commodity markets witnessed broad declines in domestic futures, with lithium carbonate plunging over 6%.

Core market performance:

A-shares: As of writing, the Shanghai Composite Index fell 0.83%, the Shenzhen Component Index declined 1.50%, and the ChiNext Index dropped 1.68%.

Hong Kong stocks: As of writing, the Hang Seng Index decreased 1.28%, while the Hang Seng Tech Index fell 1.57%.

Bond markets: Treasury futures declined across the board. As of writing, the 30-year main contract dropped 0.06%, the 10-year main contract remained flat, the 5-year main contract fell 0.01%, and the 2-year main contract rose 0.01%.

Commodities: Domestic commodity futures mostly declined. As of writing, lithium carbonate fell over 6%, Shanghai tin dropped 4%, platinum and Shanghai copper decreased 3%, coking coal declined over 2%, while iron ore, palladium, Shanghai aluminum, rubber, and alumina all dropped over 1%.

At 10:12, consumer sectors collectively strengthened, with beauty care, tourism, food, retail, and film sectors seeing upward movements. Lafang Home Products, Anji Food, Haixin Food, Hongmian Shares, Hangzhou Jiebai, Zhewen Film, and Hengdian Films all hit daily limit gains.

At 10:09, precious metals sectors experienced broad adjustments during trading. Hunan Silver hit the daily limit down, Xiaocheng Technology fell over 10%, Silver and Gold Mining touched the limit down, while Sichuan Gold, Hunan Gold, Yuguang Gold Lead, and Zhaojin Gold ranked among the top decliners.

Market news indicated spot silver plunged with losses expanding to 7%, while spot gold fell over 1%. CPO sectors collectively adjusted, with Yizhong Tianqi declining together, and Dekeli falling over 10%.

At 10:04, the ChiNext Index dropped over 2%, with precious metals, photovoltaics, semiconductor chips, and power grid equipment sectors leading the declines. Nearly 3,000 stocks declined across Shanghai, Shenzhen, and Beijing markets.

At 9:26, the Shanghai Composite Index opened 0.66% lower, while the ChiNext Index fell 1.02%. Gold and basic metals sectors resumed their downward trend, with photovoltaics, computing hardware, semiconductors, AI applications, and fintech concept stocks weakening. Banking sectors showed some localized strength.

At 9:21, the Hang Seng Index opened 0.82% lower, with the Hang Seng Tech Index falling 1.31%. Bilibili dropped over 4%, Tencent Music and Huahong Semiconductor fell over 3%, while Alibaba, Kuaishou, SMIC, and Meituan declined over 2%. Baidu rose over 2% as the company authorized a share repurchase plan of up to $5 billion, expecting to announce its first dividend payment by 2026.