A-shares closed higher after intraday gains. Shanghai Composite +0.94%, Shenzhen
Composite Index +1.72%, ChiNext +2.25%. The semiconductor chain outperformed,
led by advanced packaging, lithography equipment and AI-chip segments; multiple
semicon names hit daily limit-ups, including HKC and Huatian Technology. PV
equipment advanced—Laplace +11%, Amadon hit limit-up. Real estate rallied in the
afternoon with Vanke A and Greenland Holdings at limit-up. Other stronger
sectors included glass substrate, CPO, retail, controlled nuclear fusion,
liquid-cooled servers and MLCC. Lagging sectors were coal, autos, fisheries,
planting and shipping & ports. Some recent IPOs spiked: C-Shengu closed +177%
(intraday high +297%), C-Xinnuowei +34%. Combined turnover on the Shanghai and
Shenzhen bosses were about 2.08 trillion yuan, up roughly 254 billion yuan from
yesterday; around 3,900 stocks rose and 1,100 fell.
