A-shares opened lower and slid through the morning session. At midday the
Shanghai Composite was down 0.9%, the Shenzhen Composite Index down 2.09% and
the ChiNext Index down 3.47%; combined turnover topped 2.2 trillion yuan and
more than 2,000 stocks were lower. The STAR 50 Index fell over 4% intraday.
Precious-metals names outperformed, with several miners — including Xianglu
Tungsten, Chifeng Gold, Zhaojin Gold and Shanjin International — hitting daily
limit-ups. Humanoid-robot concept stocks also rallied, with over ten
constituents at limit-up. Advanced packaging warmed, while semiconductor
equipment continued to weaken; compute-hardware plays, glass-substrate and
memory-chip sectors posted the largest declines.