The ChiNext Index rose over 1%, with major gains in computing hardware stocks and a surge in CPO, Hengke Index fell over 1%, NetEase dropped 5%, and offshore RMB broke through the 6.9 level.

On February 12, A-shares fluctuated higher, with the ChiNext early trading up over 1%, driven by sharp gains in computing hardware stocks such as CPO and optical chips. “Yizhongtian” showed a significant rebound, with Tianfu Communication rising over 10%. AI application concept stocks continued to decline collectively. Hong Kong stocks opened lower and continued to decline, with the Hang Seng Tech Index down over 1%, and tech stocks all falling, with NetEase down 5%. AI large model stocks rose, led by Zhipu and MiniMax-WP.

In the bond market, treasury futures fluctuated higher. In commodities, most domestic commodity futures rose, with lithium carbonate up over 3%, while platinum and palladium declined against the trend. Key market movements:

A-shares: As of the report, Shanghai Composite down 0.10%, Shenzhen Component up 0.48%, ChiNext up 1.16%.

Hong Kong stocks: As of the report, Hang Seng Index down 0.81%, Hang Seng Tech Index down 1.51%.

Bond market: Treasury futures fluctuated higher. As of the report, 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 flat.

Commodities: Most domestic commodity futures rose. As of the report, lithium carbonate up nearly 4%, Shanghai Nickel up over 2%, container shipping index, Shanghai tin, and fuel oil up over 1%, with 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 rising. Glass, rebar, asphalt, industrial silicon, hot-rolled coils, polysilicon, platinum, and rapeseed declined, with palladium down over 1%.

09:55

Zhipu initially rose in Hong Kong trading after the company announced a 30%+ price increase for its AI coding subscription plan GLM Coding Plan.

Zhipu stated on Wednesday that it will officially launch the new generation AI model GLM-5 on Thursday, designed to handle complex programming and agent tasks, and has conducted direct benchmark testing against Anthropic’s Claude Opus series.

09:48

In the early session, CPO hardware stocks surged again, with Tianfu Communication, Juguang Technology, Zhishang Technology, and Taichen Optoelectronics rising over 10%, hitting new highs. Huanxu Electronics, Guangku Technology, Robotech, and Jepte followed suit.

According to a research report from CITIC Construction Investment, CPO is accelerating. Lumentum recently announced it has secured hundreds of millions of dollars in CPO-related orders, expecting CPO revenue of about $50 million in Q4 2026, with explosive growth anticipated in the first half of 2027.

09:46

Non-ferrous metals and tungsten concepts continued their strong momentum, with Zhangyuan Tungsten hitting the daily limit, and Xianglu Tungsten, Zhongwugao, and Xiamen Tungsten rising.

In recent two weeks, black tungsten concentrate prices increased by 25.19% to 671,000 yuan/ton, and ammonium paratungstate prices rose by 24.68% to 985,000 yuan/ton.

09:43

Offshore RMB against USD broke through the 6.90 mark for the first time since April 2023.

09:40

ChiNext index rose over 1%. Computing hardware stocks like CPO and others fluctuated actively, with Juguang Technology up over 10%, Tianfu Communication up over 7%, both hitting new highs. Taichen Optoelectronics, Jepte, Liante Technology, and Changxin Bochuang also rose.

09:37

Hang Seng Tech Index fell 1% intraday. NetEase dropped nearly 5% after releasing earnings.

09:21

Hang Seng Index opened down 0.2%, Hang Seng Tech Index down 0.47%. WuXi Biologics and Zijin Mining rose over 2%; most tech stocks declined, with Meituan, Baidu Group, and Tencent Holdings down over 2%.

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