On October 23, A-shares experienced turbulent declines with all three major indices retreating, as the ChiNext index fell over 1%. AI computing hardware stocks, including CPO and GPU, adjusted, while banking and insurance sectors showed strength. Coal and oil & gas sectors rallied. The Hong Kong market also declined, with the Hang Seng Tech Index dropping over 1%. Initially, the Hang Seng Index turned positive but continued adjustment in tech stocks was noted, and new consumer concept stocks saw losses, with Pop Mart declining over 6%.

In the bond market, government bond futures generally fell. In the commodities sector, domestic futures strengthened, with fuel oil rising nearly 3%.

**Market Performance Summary:**

**A-shares:** As of press time, the Shanghai Composite Index was down 0.46%, the Shenzhen Component Index fell 1.00%, and the ChiNext Index decreased by 1.11%.

**Hong Kong Stocks:** As of press time, the Hang Seng Index was down 0.41%, and the Hang Seng Tech Index dropped by 1.28%.

**Bond Market:** All government bond futures were down. As of press time, the 30-year main contract fell 0.22%, the 10-year main contract decreased by 0.06%, the 5-year main contract dropped 0.05%, and the 2-year main contract was down 0.01%.

**Commodities:** Most domestic commodity futures rose. As of press time, fuel oil was up nearly 3%, asphalt increased over 2%, while coking coal, soybean meal, lithium carbonate, and coking coal rose over 1%. Other rising commodities included rubber, aluminum, eggs, pulp, Shanghai copper, glass, Shanghai silver, polysilicon, shipping indexes, rebar, industrial silicon, ferrosilicon, hot-rolled steel, and iron ore. Alumina and stainless steel prices fell, while caustic soda, Shanghai gold, and rapeseed prices dropped over 1%.

**Market Updates:** 09:47 The Hang Seng Tech Index extended its decline to 1.1%. Hua Hong Semiconductor fell over 4%, and BYD Electronics dropped 3%.

09:40 Bank stocks continued their strong performance, with the Agricultural Bank of China (ABC) achieving a 15-session gain, setting new historical highs. Postal Savings Bank, Qingdao Bank, Nanjing Bank, and China Minsheng Bank also surged.

09:39 New consumer concept stocks in Hong Kong continued their weak trend with Pop Mart and Gu Ming dropping over 5%, while Mixue Group and Blukoo fell over 3%. Laoputong Gold and Mao Geping were down over 1%.

09:37 The coal sector maintained strong momentum, with popular stock Dayou Energy achieving an eight-session gain and Zhengzhou Coal Electricity and Shaanxi Black Cat hitting their upper limits. Liaoning Energy and Pingmei Shenma also saw increases.

09:31 Shenzhen local stocks opened strongly, with Jian Ke Yuan, Guangtian Group, Shenzhen Saige, Shenzhen Property A, and Shenzhen Textiles A reaching their upper limits.

In news, Shenzhen City released the "Shenzhen Action Plan to Promote High-Quality Development of Mergers and Acquisitions (2025-2027)," aiming to significantly improve the quality of listed companies and increase the total market value of domestically and internationally listed companies to over 20 trillion yuan by the end of 2027, cultivating twenty enterprises with market capitalizations exceeding 100 billion yuan.

09:26 The Shanghai Composite Index opened down 0.25%, with the ChiNext Index declining by 0.28%.

Fusion, ultra-high voltage, and storage chip concepts reported significant declines, while CPO, wind power, and super-hard materials sectors generally adjusted. Google announced significant breakthroughs with its quantum chip "Willow," leading to a general rise in quantum technology concepts. Real estate and oil & gas stocks remained active, with Shenzhen state-owned concept stocks surging.

09:21 The Hang Seng Index opened down 0.25%, and the Hang Seng Tech Index fell 0.68%.

On the market, precious metals continued to adjust, with Zijin Mining dropping nearly 2%. Most tech stocks were down, including NetEase, which dropped 2%.

09:01 Commodity futures opened with the main crude oil contract up over 3%, and LU fuel oil and asphalt rising over 2%. Shanghai gold and palm oil fell over 1%.