The Shanghai Composite Index stabilized in the first half of the day, the ChiNext fell 1.7%, chip stocks continued to decline, while domestic property, coal, and airline stocks rose against the trend

AASTOCKS
2026.02.04 03:30

In January 2026, the RatingDog China General Services Business Activity Index recorded 52.3, higher than the market expectation of 52, indicating that China's service industry activity remains in expansion. The latest index value is also higher than the 52 recorded in December 2025, marking the highest level in three months.

The People's Bank of China today (the 4th) conducted a seven-day reverse repurchase operation of 75 billion yuan (the same below) in the open market, with the operation rate remaining at 1.4%. Today, 377.5 billion yuan of reverse repos are maturing, resulting in a net withdrawal of 302.5 billion yuan for the day.

To maintain ample liquidity in the banking system, the People's Bank of China will also conduct a fixed-amount, interest rate bidding, and multiple price-level bidding reverse repurchase operation of 800 billion yuan, with a term of three months (91 days).

The three major A-share indices opened lower and developed individually, with the Shanghai Composite Index stabilizing and the ChiNext Index dropping over 1%. The Shanghai Composite Index closed flat at 4,067 points at midday, with a turnover of 683.1 billion yuan; the Shenzhen Component Index closed at 13,997 points, down 129 points or 0.9%, with a turnover of 932.6 billion yuan; the ChiNext Index closed at 3,266 points, down 57 points or 1.7%, with a turnover of 441.5 billion yuan.

Chinese bank stocks rose steadily, with Industrial and Commercial Bank of China (601398.SH) and China Construction Bank (601939.SH) rising 0.3% and 0.2%, respectively. Additionally, CATL (300750.SZ) rose 1.6%. BYD (002594.SZ) also rose 0.7%.

Real estate stocks continued to strengthen, with Rong'an Real Estate (000517.SZ) and Beijing Investment Development (600683.SH) hitting the daily limit. I Love My Family (000560.SZ) rose 6.7%.

The three major oil stocks were favored, with CNOOC (600938.SH) and PetroChina (601857.SH) rising 0.3% and 1%, respectively. Sinopec (600028.SH) rose 3%.

International gold prices rebounded, with spot gold rising above $5,000, but gold-related stocks opened high and then fell, with Shandong Gold (600547.SH), Chifeng Jilong Gold Mining (600988.SH), Zhongjin Gold (600489.SH), and Zhaojin Mining (000506.SZ) dropping 2.3%-7.4%.

Coal stocks rose, with Yunnan Coal Energy (600792.SH), Yanzhou Coal Mining (600188.SH), and China Coal Energy (601898.SH) all hitting the daily limit.

Panjiang Coal and Electricity (600395.SH) and Dayou Energy (600403.SH) each rose over 5%.

Aviation stocks rose, with China Eastern Airlines (600115.SH) hitting the daily limit. Air China (601111.SH) and China Southern Airlines (600029.SH) rose 6% and 7.8%, respectively.

Chip-related stocks continued to decline, with SMIC A (688981.SH) and Hua Hong Semiconductor (688347.SH) dropping 2% and 4.9%, respectively. AI chip stock Cambricon (688256.SH) fell 4.6%. Domestic GPU stocks Muxi Co., Ltd. (688802.SH) and Moore Threads (688795.SH) fell 2.7% and 2.6%, respectively

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