A-shares fluctuated lower, gold stocks surged, the Hang Seng Technology Index fell by more than 1%, and government bond futures rose across the board

On April 3, the A-share market fluctuated lower. As of the time of publication, the Shanghai Composite Index fell by 0.08%, the Shenzhen Component Index fell by 0.46%, and the ChiNext Index fell by 0.78%.

High-priced stocks experienced a significant decline during the trading session. Hua Sheng Technology, which had a 9-day consecutive limit up, as well as Pu Lu Tong and Hua Ti Technology, which had a 5-day consecutive limit up, all hit the limit down. Stocks such as Zhongxin Haizhi, Shang Gong Shenbei, and Wolong Nuclear Materials fell by more than 7%.

In terms of sector performance, sectors such as gold, oil and gas, pork, and coal led the gains, while sectors like low-altitude economy, smart streetlights, and Xiaomi Auto led the declines.

In the Hong Kong stock market, the Hang Seng Index fell by 0.51%, and the Hang Seng Tech Index fell by 1.14%. Baidu rose by over 2%; Alibaba rose by over 1% and announced a total repurchase of 524 million shares for $4.8 billion in the last quarter. Gold stocks continued to be strong, with Shandong Gold rising by over 3%. Most Hong Kong auto stocks weakened, with Nio, XPeng Motors, Li Auto, and Geely Auto falling by 4.39%, 4.04%, 2.81%, and 1.48% respectively.

Regarding market news, according to The Paper, the China Earthquake Networks Center officially determined that on April 3 at 7:58 am, a 7.3-magnitude earthquake occurred in the sea area of Hualien County, Taiwan (23.81 degrees north latitude, 121.74 degrees east longitude), with a depth of 12 kilometers. Subsequently, at 8:11 am on April 3, a 6.0-magnitude earthquake occurred in the sea area of Hualien County, Taiwan (24.10 degrees north latitude, 121.65 degrees east longitude), with a depth of 10 kilometers. At 8:35 am on April 3, a 5.9-magnitude earthquake occurred in Hualien County, Taiwan (24.18 degrees north latitude, 121.53 degrees east longitude), with a depth of 10 kilometers. The Taiwan meteorological authority stated that this is the largest earthquake since the "921" earthquake 25 years ago.

The Caixin China General Services Business Activity Index (Services PMI) for March was 52.7, up 0.2 percentage points from February, indicating an accelerating recovery in the service industry. Since the beginning of 2023, the Caixin China Services PMI has been in the expansion zone for 15 consecutive months, indicating sustained expansion in service sector economic activities.

Government bond futures rose across the board, with the main contract for the 30-year period up by 0.31%, the main contract for the 10-year period up by 0.17%, the main contract for the 5-year period up by 0.12%, and the main contract for the 2-year period up by 0.05%.

Gold Stocks Soar Together

Leshan Tongling rose by the daily limit, Shengda Resources, Mancalor rose by over 5%, Northern Copper, Xingye Silver, Zhongrun Resources, Yintai Gold and others all opened higher.

On the news front, influenced by geopolitical conflicts and other factors, the international gold price once broke through $2300 per ounce, hitting a new historical high.

Pork Stocks Strengthen

Tianbang Food hit the daily limit, Huatong Shares, Dongrui Shares, Xinwufeng, Aonong Biology, Xiangjia Shares and others followed the uptrend.

Oil and Gas Stocks Active Again

Zhunyou Shares hit the limit for two consecutive days, Beacon Energy, Tongyuan Petroleum, Zhongman Petroleum, Huibopu, Renzhi Shares, Sinopec Oilfield Service, Zhongou Engineering and others followed the uptrend.

On the news front, U.S. WTI crude oil broke through $85 on Tuesday, hitting a new high since October.

Low Altitude Economy Concept Continues to Decline

Shuangyi Technology fell by over 12%, Yongyue Technology hit the limit down, Wangzi New Materials, Guangyang Shares, Jianxin Shares, Jindun Shares, Shanggong Shenbei, Zongshen Power and many other stocks fell by over 5%.