A-shares fluctuated downwards in early trading, with the Shanghai Composite Index down 0.26%, the Shenzhen Component Index down 0.34%, and the ChiNext Index down 0.14%. The STAR 50 Index bucked the trend, rising over 1%, as semiconductor industry chains, optical communications, optical chips, and other computing hardware sectors rebounded. Biomedicine stocks rose, with CRO concept stocks surging. CATL and Seres continued to decline, while engineering machinery, cybersecurity, and new energy vehicle sectors entered a correction phase.

Hong Kong stocks opened higher and then fell, with the Hang Seng Index down 0.24% and the Hang Seng Tech Index down 0.59%. Most internet stocks were under pressure, while chip stocks rebounded. AI large model leaders Zhipu AI and MINIMAX both rose over 5%. CATL and Seres H-shares continued their decline, both falling over 4%.

In the bond market, treasury futures fluctuated downwards. Most domestic commodity futures rose, with asphalt up over 3%, fuel oil and soybean meal up 2%, and crude oil and pulp up over 1%.