Mainland A-share markets closed higher. Shanghai Composite +0.07%, Shenzhen
Composite +1.91%, ChiNext Index +3.41%, Beijing Stock Exchange 50 +0.85%, STAR
50 Index +2.42%. Combined turnover on Shanghai and Shenzhen was 1.95 trillion
yuan, down 84.6 billion yuan from the prior session. Advance-decline breadth was
strong, with over 3,100 stocks rising. Media names led gains, including Longban
Media (sixth straight daily limit), China Publishing (two straight limits) and
Duzhe Media (limit-up). The CPO-related sector outperformed, with multiple
stocks intraday hitting limit-up such as Taijin Xinneng, Xunjiexing, Gongjin
Co., Bomin Electronics and Jianqiao Technology; Zhongji Xuchuang, Zhongshi
Technology and Hengdong Guang jumped. Non-metallic materials rallied in the
afternoon; Changjiang Materials and Kuncai Technology hit limit-up, and Taili
Technology briefly hit a 20% limit. Precious metals underperformed, with Hunan
Silver, Sichuan Gold and Zhaojin Gold down sharply. Coal-mining names lagged,
led by China Coal Energy, Zhengzhou Coal & Electricity and Shanxi Coking Coal.
