Affected by the overnight fluctuations in international gold and silver, the non-ferrous metal sector of A-shares and Hong Kong stocks opened significantly lower, with Zijin Mining's A-shares dropping nearly 6% at one point, marking the largest intraday decline in over three months.
On January 30, A-shares opened lower and continued to decline, with the three major indices experiencing fluctuations and declines, the Shanghai Composite Index and the Shenzhen Component Index both falling over 1%, while the ChiNext Index turned positive. The non-ferrous metal sector collectively declined, with stocks such as SDR and Western Mining hitting the daily limit down. Computing power leasing concept stocks were active, with Hongjing Technology rising over 10%. Hong Kong stocks opened lower and continued to decline, with both the Hang Seng Index and the Hang Seng Tech Index dropping over 1%, while tech stocks collectively adjusted, and the non-ferrous metal sector plummeted.
In the bond market, government bond futures showed mixed fluctuations. In terms of commodities, domestic commodity futures saw widespread declines, with platinum dropping over 8%, palladium down 6%, and futures for gold and silver all falling. Core market trends:
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A-shares: As of the time of writing, the Shanghai Composite Index fell 1.29%, the Shenzhen Component Index fell 1.49%, and the ChiNext Index fell 0.32%.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/2645129c-5174-41f4-9fc3-2fd9c0cb78ef.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/2645129c-5174-41f4-9fc3-2fd9c0cb78ef.png"/>
Hong Kong stocks: As of the time of writing, the Hang Seng Index fell 1.36%, and the Hang Seng Tech Index fell 1.58%.
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Bond market: Government bond futures fluctuated upward, as of the time of writing, the 30-year main contract fell 0.03%, the 10-year main contract rose 0.03%, the 5-year main contract rose 0.01%, and the 2-year main contract remained flat.
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Commodities: Domestic commodity futures saw widespread declines, as of the time of writing, rapeseed, coking coal, and coke rose over 2% against the trend. Fuel oil rose 1%, hot-rolled coils and asphalt increased. Rebar, ferrosilicon, iron ore, rubber, eggs, and pulp fell, with industrial silicon, soybean meal, stainless steel, Shanghai copper, glass, container shipping index, and caustic soda all dropping over 1%, while Shanghai gold, Shanghai silver, alumina, Shanghai aluminum, and Shanghai nickel all fell over 2%, Shanghai tin dropped 4%, polysilicon fell over 5%, palladium dropped 6%, lithium carbonate fell 8%, and platinum dropped over 8%.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/f12a1326-994f-417c-a3f8-927340025a49.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/f12a1326-994f-417c-a3f8-927340025a49.png"/>
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10:15
The A-share base metal sector is currently experiencing a wave of limit downs, with nearly 30 stocks including Nanshan Aluminum, Tongling Nonferrous Metals, Baiyin Nonferrous, Yunnan Copper, and XINGYE SILVER&amp;TIN hitting the daily limit down.
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09:51
Lithium mining concept collectively adjusted, Weiling Co., Ltd. hit the limit down, Jinyuan Co., Ltd. fell over 8%, Shengxin Lithium Energy, Tibet Zhufeng, Zhongkuang Resources, Chuaneng Power, Ganfeng Lithium, Tibet Mining, and Tianqi Lithium followed suit.
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In terms of news, the main contract for lithium carbonate on the Guangqi Exchange plummeted by 8%, reported at 152,900 yuan/ton.
09:47
In the morning session, the computing power leasing concept fluctuated and strengthened, with Alibaba Cloud leading the rise, Hongjing Technology up over 10%, setting a new historical high, Chengdi Xiangjiang hitting the limit up, and Xiechuang Data, Litong Electronics, Yakang Co., Ltd., and Meili Cloud following the rise.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/add5acef-c4ac-49b1-ad1c-1bd3a2d30e01.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/add5acef-c4ac-49b1-ad1c-1bd3a2d30e01.png"/>
In terms of news, informed sources revealed that Alibaba is considering increasing its investment in AI infrastructure and cloud computing from 380 billion yuan to 480 billion yuan over the next three years.
09:45
All three major A-share indices fell, with the Shenzhen Component Index dropping over 1%. Non-ferrous metals, photovoltaics, wind power, commercial aerospace, and other sectors saw significant declines, with nearly 3,000 stocks in the Shanghai, Shenzhen, and Beijing markets falling.
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09:37
The storage chip concept was repeatedly active, with Hengshuo Co., Ltd. rising over 10%, setting a new historical high, Yiyaton hitting the limit up, and Purang Co., Ltd., Langke Technology, Beijing Junzheng, and Zhaoyi Innovation following the rise.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/1f809b58-b457-4550-b7d1-f7681f5d8b91.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/1f809b58-b457-4550-b7d1-f7681f5d8b91.png"/>
In terms of news, memory maker SanDisk announced its financial report after the market on Thursday, showing significant growth in profits and revenues for the second fiscal quarter of 2026, far exceeding Wall Street's expectations and significantly higher than the company's previous guidance, which stimulated the company's stock price to rise nearly 15% in after-hours trading.
09:29
Most A-share gold concept stocks opened lower, with Baiyin Nonferrous, XINGYE SILVER&amp;TIN, Yuguang Gold Lead, ZHONGJIN GOLD, and SDR among several stocks hitting the limit down at the opening.
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09:26
The Shanghai Composite Index opened down 0.63%, and the ChiNext Index fell 0.09%. The gold and base metals sectors plummeted, with a wave of limit down for individual stocks. The semiconductor, photovoltaic, and AI application themes weakened.
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09:21
The Hang Seng Index opened down 0.65%, and the Hang Seng Tech Index fell 0.88%. Zijin Mining and China Hongqiao dropped over 3%. Most tech stocks declined, with Kuaishou and Alibaba leading the losses.
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Most A-share gold concept stocks opened lower, with Baiyin Nonferrous, XINGYE SILVER&TIN, Yuguang Gold Lead, ZHONGJIN GOLD, SDR and other stocks opening at the limit down price. Precious metal futures weakened, with the main contract for platinum expanding its decline to 9%, the main contract for palladium falling 7%, and Shanghai silver and Shanghai gold dropping over 2%

- Following significant fluctuations in international gold and silver prices, the A-shares and Hong Kong stock markets experienced a sharp decline in the non-ferrous metal sector, with Zijin Mining's A-shares dropping nearly 6%, marking the largest intraday drop in over three months.  
- A-shares opened lower on January 30, with major indices falling more than 1%, while the Hong Kong market also saw declines.  
- The domestic commodity futures market experienced widespread drops, particularly in platinum and palladium, impacting various sectors.

Wallstreetcn

ChinaAMC CSI SH-SZ-HK Gold Industry Equity ETF

Baiyin Nonferrous

E Fund Gold ETF

ChinaAMC CSI Subdivision Non-ferrous Metal Sub-Industry ETF

ZHONGJIN GOLD

ChinaAMC Gold ETF

MaxWealth CSI SH-SZ-HK Gold Industry Equity ETF

Huaan Yifu Gold ETF

Zijin Mining

XINGYE SILVER&TIN

China Southern CSI SWS Non-Ferrous Metal ETF

SD-GOLD

Yinhua CSI Non-ferrous Metal ETF

ICBCCS CSI SH-SZ-HK Gold Industry Equity ETF

MEITUAN

The Shanghai Composite Index fell over 1%, non-ferrous metals collectively plummeted, gold stocks hit the limit down, the Hang Seng Index dropped over 1%, tech stocks adjusted, and metal futures declined across the board