Oil prices surged past $101 per barrel for Brent overnight, with escalating Middle East tensions fueling worries over energy supply disruptions. This sent oil and gas-related stocks in China's A-share market higher, alongside strong performances in domestic crude oil and other energy futures. Additionally, Goldman Sachs turned bullish on the memory chip sector, triggering a broad rally in storage chip stocks on Wednesday, with SK Hynix's US-listed shares leading gains and outperforming the broader market. This momentum carried into Thursday's trading session for A-share memory chip names, which remained active.

On September 10, China's A-share market opened collectively lower in early trading, with all three major indices maintaining losses at the start of the session. The ChiNext Index pared its decline, while strength emerged in computing hardware, chip semiconductors, glass fiber, advanced packaging, HBM, CPO, and storage chips. Banks, oil and gas, and other sectors also gained ground, while biopharmaceuticals, agriculture, and shipping faced downward pressure.

Hong Kong stocks opened lower and continued to slide, with both the Hang Seng Index and Hang Seng Tech Index dropping over 1%. Major tech heavyweights fell broadly, and Apple-concept stocks also came under pressure. AI large-model stocks weakened, with Zhipu and MiniMax both declining more than 3%. In the bond market, treasury futures fell across the board. In commodities, most domestic futures advanced, with crude oil and fuel oil surging, as overnight oil prices broke above the $100 mark.

Key market performance:

A-shares: As of writing, the Shanghai Composite Index was down 0.31%, the Shenzhen Component Index fell 0.91%, and the ChiNext Index dropped 0.91%.

Hong Kong stocks: As of writing, the Hang Seng Index fell 1.38%, and the Hang Seng Tech Index dropped 1.75%.

Bond market: Treasury futures declined across the board, with the 30-year main contract down 0.12%, the 10-year main contract down 0.02%, the 5-year main contract down 0.02%, and the 2-year main contract down 0.01%.

Commodities: Most domestic commodity futures rose, with crude oil surging 9%, fuel oil rallying over 5%, and asphalt climbing nearly 4%. The container index, platinum, and Shanghai tin gained over 2%, while caustic soda and Shanghai silver rose over 1%. Shanghai nickel, Shanghai copper, lithium carbonate, palladium, Shanghai gold, stainless steel, rubber, Shanghai aluminum, and industrial silicon advanced. Meanwhile, soybean meal, hot-rolled coils, alumina, rebar, polysilicon, manganese silicon, iron ore, and glass declined, with pulp, coking coal, and coke falling over 1%.

09:52 — The ChiNext Index rallied to turn positive, while the Shanghai Composite and Shenzhen Component Indexes narrowed their losses. Oil and gas, coal, banks, and power sectors led gains, with more than 1,100 stocks rising across the Shanghai, Shenzhen, and Beijing markets.

09:49 — Jiangsu Bank, Nanjing Bank, Bank of Chengdu, and Hangzhou Bank all hit record highs simultaneously.

09:48 — NIO and XPeng accelerated their declines, both hitting new phase lows. BYD, Xiaomi Group, and Leap Motor also weakened in tandem.

09:44 — Oil and gas concepts performed actively, with Shuifa Gas hitting the daily limit up. Kaitian Gas, Shouhua Gas, Keli Co, Tongyuan Petroleum, and Zhongman Petroleum followed with gains.

Fiberglass concepts surged in early trading, with Jiuding New Material jumping straight to the daily limit. Shandong Fiberglass, International Composites, Changhai Shares, Honghe Technology, and Sinoma Technology also rose.

Storage chip concepts were active in early trading, with Taiji Industry hitting the daily limit. Shenzhen Kaifa Technology, Debang Technology, Dengmeili, Pran Group, and Biwin Storage followed with gains. On the news front, US-listed SK Hynix rose over 7% overnight, Micron Technology gained over 2%, and SanDisk climbed over 1%.

09:36 — Storage stocks including Changxin Technology, Biwin Storage, Longsys, Dengmeili, Pran Group, Taiji Industry, Shenzhen Kaifa Technology, and Huatian Technology showed notable momentum. Overnight, SK Hynix's US ADR rose over 7%, hitting a new high.

09:33 — Apple-concept stocks generally underperformed, with Foxconn Industrial Internet, BYD, Luxshare Precision, BOE Technology A, Lens Technology, and JCET Group weakening. GigaDevice and Pegatron were slightly stronger.

09:26 — The Shanghai Composite Index opened down 0.31%, and the ChiNext Index fell 0.91%. Optical communications, military, agriculture, and media sectors adjusted, while oil and gas, shipping, and insurance stocks were active.

09:21 — The Hang Seng Index opened down 1.15%, and the Hang Seng Tech Index fell 1.39%. Zhongji Innolight, Cambridge Industries, Alibaba, Sunny Optical Technology, Luoyang Molybdenum, and Luxshare Precision weakened.