On February 12, A-shares advanced with fluctuations, with the ChiNext Index rising over 1% in early trading. The gains were driven by significant surges in computing hardware stocks such as CPO and optical chips. Suzhou Tfc Optical Communication Co.,Ltd. saw a notable rebound, rising more than 10%. AI application concept stocks continued to adjust collectively. Hong Kong stocks opened lower and declined further, with the Hang Seng Tech Index falling over 1%. Technology and internet stocks fell across the board, with NetEase down 5%. Large AI model stocks rose, led by Zhipu and MiniMax-WP.

In the bond market, treasury bond futures rose with fluctuations. In commodities, most domestic commodity futures increased, with lithium carbonate up over 3%, while platinum and palladium bucked the trend to decline. Key market movements:

A-shares: As of writing, the Shanghai Composite Index fell 0.10%, the Shenzhen Component Index rose 0.48%, and the ChiNext Index gained 1.16%.

Hong Kong stocks: As of writing, the Hang Seng Index fell 0.81%, and the Hang Seng Tech Index dropped 1.51%.

Bond market: Treasury bond futures rose with fluctuations. As of writing, the 30-year main contract fell 0.01%, the 10-year main contract was flat, the 5-year main contract rose 0.01%, and the 2-year main contract was unchanged.

Commodities: Most domestic commodity futures rose. As of writing, lithium carbonate gained nearly 4%, Shanghai nickel rose over 2%, containerized freight index, Shanghai tin, and fuel oil increased over 1%. Shanghai silver, eggs, Shanghai copper, soybean meal, stainless steel, pulp, iron ore, coking coal, caustic soda, Shanghai aluminum, alumina, rubber, manganese silicon, coke, and Shanghai gold all advanced. Glass, rebar, asphalt, industrial silicon, hot-rolled coil, polysilicon, platinum, and rapeseed declined, with palladium down over 1%.

09:55 Zhipu rose in early Hong Kong trading after the company increased prices for its AI coding subscription plan, GLM Coding Plan, with overall hikes starting from 30%.

Zhipu stated on Wednesday that it would officially launch its new-generation AI model, GLM-5, on Thursday. The model is designed to handle complex programming and agent tasks and has undergone direct benchmark testing against Anthropic's Claude Opus series.

09:48 The CPO sector strengthened again in early trading. Suzhou Tfc Optical Communication Co.,Ltd., Focuslight Technologies Inc., Zhishang Technology, and Taichenguang rose over 10%, continuing to hit record highs. Universal Scientific Industrial, Guangku Technology, Luoboteke, and Jiepute followed with gains.

According to a CSCI research report, CPO is accelerating. Lumentum recently stated it has secured orders worth hundreds of millions of dollars related to CPO, with CPO revenue expected to reach approximately $50 million by Q4 2026, and a surge anticipated in the first half of 2027.

09:46 The non-ferrous metals-tungsten concept continued its strong performance, with Zhangyuan Tungsten hitting the limit-up. Xianglu Tungsten, Zhongwu High-tech, and Xiamen Tungsten followed with gains.

In recent weeks, black tungsten concentrate prices have risen 25.19% to 671,000 yuan per ton, and ammonium paratungstate prices have increased 24.68% to 985,000 yuan per ton.

09:43 The offshore yuan broke through the 6.90 level against the US dollar, marking the first time since April 2023.

09:40 The ChiNext Index rose over 1%. Computing hardware stocks like CPO remained active. Focuslight Technologies Inc. gained over 10%, and Suzhou Tfc Optical Communication Co.,Ltd. rose over 7%, both hitting record highs. Taichenguang, Jiepute, Liante Technology, and Changxin Bochuang followed with increases.

09:37 The Hang Seng Tech Index fell 1% during the session. NetEase declined nearly 5% following its earnings report.

09:21 The Hang Seng Index opened 0.2% lower, and the Hang Seng Tech Index fell 0.47%. Wuxi Biologics and Zijin Mining rose over 2%. Most technology and internet stocks trended lower, with Meituan, Baidu Group, and Tencent Holdings down over 2%.