A-shares midday review: The ChiNext Index drops 1.46% in the first half of the day, with rare metals and computing power leasing sectors experiencing a collective surge.

The three major A-share indices all declined collectively in the morning session. By midday, the Shanghai Composite Index fell 0.17%, the Shenzhen Component Index dropped 0.68%, the ChiNext Index declined 1.46%, and the Beijing 50 Index decreased 0.74%. The combined half-day trading volume of the Shanghai, Shenzhen, and Beijing markets was 15,966 billion yuan, down 532 billion yuan from the previous day. Over 2,300 stocks in the market rose.

In terms of sectors and themes, small metals, computing power leasing, cloud computing, coal mining and processing, cross-border payments, steel, photovoltaic equipment, AI applications, tourism, and hotels led the gains; paper, PCB, CPO, storage chips, batteries, lithography machines, and PET copper foil sectors declined.

On the market, driven by price increases, rare metals such as tungsten and rare earths surged collectively, with Zhongtung High-tech, Zhangyuan Tungsten, and Zhongxi Rare Metals hitting new historical highs. China’s AI Token usage volume surpassed the US for the first time, reflecting strong demand for cloud computing. The computing power leasing sector surged significantly during the session, with Yun Tian Lihui and Chengdi Xiangjiang hitting the daily limit. The space photovoltaic sector also rose, with Junda Shares and Shuangliang Energy-saving both hitting the limit up. Institutions believe that “computing power reaching the sky” has become a consensus.

Additionally, sectors such as coal, cross-border payments, and electricity experienced unusual movements. On the other hand, Nvidia experienced its largest single-day drop since April 16 last year overnight. Most hardware stocks related to computing power, such as CPO and PCB, retreated, with Xinyi Sheng, Zhongji Xuchuang, and Shenghong Technology falling over 5% during the session.