Economic Information Daily, 24th exclusive report: The Shanghai and Shenzhen stock markets opened lower and continued to decline. The SSE Composite Index fell 0.93% at midday, barely holding above 3900 points, while the Shenzhen Component Index dropped 1.74%, and the ChiNext Index plunged 1.84%. The combined trading volume of the Shanghai and Shenzhen stock markets reached 1.0677 trillion yuan (RMB, same below) in the morning session, down 91.4 billion yuan or 8% compared to the same period on the previous trading day. Chinese President Xi Jinping has arrived in the U.S., where he is being received with high-level hospitality by U.S. President Trump. The market is closely watching the potential outcomes of the formal summit between the Chinese and U.S. leaders the following day, resulting in relatively subdued trading activity.
Earlier, U.S. Treasury Secretary Bessent revealed that the U.S.-China trade truce would be extended to January 10 next year. Bessent also indicated that during the Chinese delegation's visit to the U.S., China might announce additional purchases of American agricultural products and reach a financial services agreement. Stimulated by the news, bank stocks rose against the market trend, with China Construction Bank (SSE: 601939) closing up 1.7% and Bank of China (SSE: 601988) gaining 1.06%. With expectations of increased U.S. agricultural imports, A-share agricultural stocks weakened, with Wanxiang Dernen (SSE: 600371) falling nearly 5% and Dunhuang Seed Industry (SSE: 600354) down 4.8%.
Additionally, most Apple-related stocks declined, with Orient Science & Technology (SZSE: 000823) suffering the biggest drop of 9.2%. Xiaomi (01810) officially launched its Xiaomi 18 Pro smartphone series last night, competing for customers with Apple (US.AAPL), which released its iPhone 18 Pro series earlier this month. It is reported that the Xiaomi 18 Pro adopts the latest generation 2-nanometer flagship process, with the Xiaomi 18 Pro starting at 5,999 yuan and available at a subsidized price starting from 5,499 yuan through trade-in programs. (ry)
Earlier, U.S. Treasury Secretary Bessent revealed that the U.S.-China trade truce would be extended to January 10 next year. Bessent also indicated that during the Chinese delegation's visit to the U.S., China might announce additional purchases of American agricultural products and reach a financial services agreement. Stimulated by the news, bank stocks rose against the market trend, with China Construction Bank (SSE: 601939) closing up 1.7% and Bank of China (SSE: 601988) gaining 1.06%. With expectations of increased U.S. agricultural imports, A-share agricultural stocks weakened, with Wanxiang Dernen (SSE: 600371) falling nearly 5% and Dunhuang Seed Industry (SSE: 600354) down 4.8%.
Additionally, most Apple-related stocks declined, with Orient Science & Technology (SZSE: 000823) suffering the biggest drop of 9.2%. Xiaomi (01810) officially launched its Xiaomi 18 Pro smartphone series last night, competing for customers with Apple (US.AAPL), which released its iPhone 18 Pro series earlier this month. It is reported that the Xiaomi 18 Pro adopts the latest generation 2-nanometer flagship process, with the Xiaomi 18 Pro starting at 5,999 yuan and available at a subsidized price starting from 5,499 yuan through trade-in programs. (ry)
