Platinum and palladium futures both hit their daily limits, Shanghai Silver reached a new high, many high-priced A-share stocks plunged in the afternoon, real estate strengthened, and commercial aerospace plunged. The annual turnover exceeded 400 trillion yuan, N Na Bai Chuan rose nearly 500%, and H

# Source: Wall Street Insights

In the afternoon trading session, China's A - share market fluctuated and corrected. The Growth Enterprise Market (GEM) Index saw its gain narrow to 0.13%, after having surged more than 1% intraday. Sectors such as batteries, lithium mines, lithography machines, and insurance took the lead in rising; while commercial aerospace, real estate, education, and tourism sectors led the decline.

As of press time on December 23, the Shanghai Composite Index fell 0.09%, the Shenzhen Component Index rose 0.03%, and the GEM Index climbed 0.13%. On the trading floor, there was a divergence between the two main index lines (representing large - cap and small - cap stocks). The number of declining stocks outnumbered advancing ones, with over 3,300 stocks closing in the red across the Shanghai, Shenzhen, and Beijing stock exchanges. The trading volume reached 1.25 trillion yuan in the morning session. Specifically, lithography machine - related concept stocks rallied, with Tongfei Co., Ltd. and Guofeng New Material Co., Ltd. hitting their daily limit. The Hainan sector maintained strong momentum, as Haiqi Group and Hainan Ruizhe secured their third consecutive daily limit. On the downside, commercial aerospace concept stocks soared and then pulled back. Shunhao Co., Ltd. hit its daily limit down, and Jiuzhiyang Co., Ltd. dropped more than 10%. By December 22, 2025, the total trading volume of A - shares had exceeded 405 trillion yuan this year, marking the first time in A - share history that the annual trading volume had surpassed 400 trillion yuan. The average turnover rate of A - shares during the year was close to 1.74%, which is expected to set a new high since 2016.

Hong Kong stock indices turned lower. The Hang Seng Tech Index fell 0.62% at one point and then dropped more than 1%. Large - cap tech stocks showed mixed performance with overall modest volatility. The wind power installation sector boomed, leading the gains. Building materials and cement stocks remained active, with Soochow Cement hitting a record high. Precious metal stocks and other non - ferrous metal stocks continued their upward trend. Additionally, most mobile game stocks, Apple - related concept stocks, and new energy vehicle manufacturers declined. Qingsong Health rose more than 145% in the first half - day of its debut.

On the news front, the three major U.S. stock indices closed higher overnight, with Tesla and Micron Technology hitting new highs.

Treasury bond futures rose across the board at midday. The 30 - year benchmark contract climbed 0.64% to 112.560 yuan, the 10 - year benchmark contract rose 0.19% to 108.150 yuan, the 5 - year benchmark contract went up 0.15% to 106.000 yuan, and the 2 - year benchmark contract edged up 0.05% to 102.514 yuan.

Most domestic commodity futures rose. Platinum jumped 10%, palladium rose 5.99%, Shanghai Gold advanced 2.44%, Shanghai Silver climbed 3.21%, Shanghai Nickel rose 3.64%, lithium carbonate went up 3.60%, fuel oil increased 2.18%, stainless steel rose 1.02%, and the Container Shipping Index (Europe Route) edged up 0.98%.

Overnight, international precious metal futures generally closed higher. COMEX gold futures rose 2.13% to 4,480.60 US dollars per ounce, and COMEX silver futures climbed 2.37% to 69.09 US dollars per ounce. The growth rates of the U.S. CPI and core CPI in November dropped to multi - year lows, strengthening the market's expectations for the Federal Reserve's loose monetary policy. Coupled with the support from geopolitical risks and central bank gold purchases, precious metal prices continued to strengthen.

Institutional views suggest that platinum has a sound supply - demand fundamental and positive macro expectations, with a structural supply - demand deficit pattern persisting and medium - to long - term demand expectations expanding driven by the hydrogen energy economy. Affected by geopolitical issues in Russia, palladium supply in other regions has tightened periodically. Spot shortages and a favorable macro environment have provided support for palladium prices at the bottom.

### 14:37

The Hang Seng Tech Index dropped 1%.

### 14:37

Newly listed stock N Baichuan once surged nearly 700%, and its gain has now pulled back to 496%.

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# 14:35

The A - share commercial aerospace sector continued to decline. Aerospace Electronics hit its daily limit down, China Satellite Communications approached its daily limit down. Earlier, Shunhao Co., Ltd. had hit its daily limit down, while Jiuzhiyang Co., Ltd., Xingchen Technology Co., Ltd., Tianyin Electromechanical Co., Ltd., Shaanxi Huada Co., Ltd., Shanghai Hanxun Co., Ltd., and Jiayuan Technology Co., Ltd. all fell more than 10%.

### 14:11

Several high - flying A - share stocks plummeted in the afternoon. Hefu China hit its daily limit down, and Pingtan Development Co., Ltd., Dongbai Group Co., Ltd., and Baida Group Co., Ltd. all trended downward.

### 14:11

Newly listed stock N Baichuan rose more than 324%, with its stock price reaching 96 yuan, triggering a second temporary trading suspension.

### 13:09

The Hang Seng Index turned lower, with the Hang Seng Tech Index falling 0.62%. Mobile game, new consumption, internet medical care, new energy vehicle manufacturer, and battery concept stocks led the decline.

### 13:03

The A - share commercial aerospace sector weakened in the afternoon. Jiuzhiyang Co., Ltd. dropped more than 11%, and many stocks such as Shaanxi Huada Co., Ltd. and Xingchen Technology Co., Ltd. fell more than 10%, while Huafeng Technology Co., Ltd. bucked the trend and rose more than 12%.

### 13:03

On the news front, at 10:00 on December 23, the Long March 12A Y1 carrier rocket was launched from the Dongfeng Commercial Aerospace Innovation Test Zone. The second stage of the carrier rocket entered the predetermined orbit, but the first stage failed to be recovered successfully, and the flight test mission achieved a basic success.

### 13:03

The A - share real estate development sector strengthened in the afternoon. Hualian Holdings Co., Ltd. hit its daily limit, and stocks such as Zhangjiang Hi - Tech Co., Ltd., Hefei Urban Construction Development Co., Ltd., Kexin Development Co., Ltd., China Wuyi Co., Ltd., and Beijing Capital Development Co., Ltd. followed suit and rose.

### 13:03

On the news front, the National Housing and Urban - Rural Development Work Conference was held in Beijing from December 22 to 23. The conference proposed to strive to stabilize the real estate market, focusing on implementing city - specific policies to control new supply, reduce inventory, and optimize supply. It also aims to revitalize and utilize existing land through urban renewal and urban village renovation, and promote the acquisition of existing commercial housing for use as indemnificatory housing, resettlement housing, dormitories, and talent housing. The conference also emphasized optimizing and precisely implementing the supply of indemnificatory housing, carrying out a housing quality improvement project, and steadily advancing the construction of "high - quality housing". Furthermore, it called for giving fuller play to the role of the "white list" system for real estate projects to support the reasonable financing needs of real estate enterprises.

### 9:29

Quantum technology concept stocks were active at the opening. Jida Zhengyuan Co., Ltd. rose by the daily limit in the pre - opening session. Shengbang Security Co., Ltd., Geer Software Co., Ltd., Keda Guochuang Co., Ltd., Topsec Networks Co., Ltd., and Quantum Shield Co., Ltd. opened higher. According to the University of Science and Technology of China, based on the superconducting quantum processor "Zuchongzhi 3.2", the team led by Academician Pan Jianwei has made a major breakthrough in quantum error correction, achieving the effect of "below the threshold, the more corrections, the more accurate".

### 9:29

The A - share Hainan sector maintained strong momentum. Haiqi Group and Hainan Ruizhe secured their third consecutive daily limit. Haixia Co., Ltd. hit its daily limit, and many stocks such as Kangzhi Pharmaceutical Co., Ltd., Hainan Airport Co., Ltd., Hainan Pharmaceutical Co., Ltd., and Shennong Seed Industry Co., Ltd. opened higher.

### 9:29

Treasury bond futures opened with gains across the board. The 30 - year benchmark contract rose 0.08% to 112.560 yuan, the 10 - year benchmark contract went up 0.05% to 108.150 yuan, the 5 - year benchmark contract edged up 0.00% to 106.000 yuan, and the 2 - year benchmark contract rose 0.00% to 102.514 yuan.

### 9:29

The CSI Convertible Bond Index opened flat. Pulin Convertible Bond rose more than 13%,信服 Convertible Bond climbed more than 2%, Zai 22 Convertible Bond and Haohan Convertible Bond rose more than 1%. Libo Convertible Bond fell nearly 6%, Jinzhong Convertible Bond dropped 2.9%, and Jiamei Convertible Bond decreased 2.7%.

### 9:25

The Shanghai Composite Index opened at 3,919.11 points, up 0.04%.

The Shenzhen Component Index opened at 13,338.93 points, up 0.05%.

The GEM Index opened at 3,196.31 points, up 0.14%.

The CSI 300 Index opened at 4,616.03 points, up 0.10%.

The STAR 50 Index opened at 1,333.54 points, down 0.13%.

The CSI 500 Index opened at 7,257.91 points, up 0.03%.

The CSI 1000 Index opened at 7,410.22 points, up 0.03%.

### 9:22

The Hang Seng Index opened 0.29% higher at 25,875.85 points, and the Hang Seng Tech Index rose 0.14%. Kuaishou Technology fell 3.3% after it stated that it had been attacked by gray and black - hat hackers and had reported the incident to the police. WuXi AppTec rose 1.4%, while Meituan and Semiconductor Manufacturing International Corporation (SMIC) climbed 0.9%.

### 9:16

The central parity rate of the RMB against the US dollar was quoted at 7.0523, an increase of 49 basis points. The central parity rate of the previous trading day was 7.0572, the official closing price of the previous trading day was 7.0382, and the night - time trading price of the previous night was 7.0368.

### 9:05

The main platinum futures contract on the Guangzhou Futures Exchange hit the daily limit, rising 10% intraday to 619.95 yuan per gram, setting a new record since its listing. The main palladium futures contract also hit the daily limit, climbing 10% intraday to 555.15 yuan per gram, which is also a new record high since its listing and the fourth daily limit since its launch.

### 9:00

Commodity futures opened with mostly gains. The main platinum contract rose more than 8%, palladium more than 5%, Shanghai Silver and Shanghai Nickel more than 3%, PVC, Container Shipping Index (Europe Route), Shanghai Gold, fuel oil, and crude oil more than 2%.

### 9:00

FTSE China A50 Index futures rose 0.12% at the opening of the session, following a 0.18% increase in the night - time trading session of the previous trading day.

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