The three major A-share indices of the Shanghai and Shenzhen markets rose by 0.9% to 2.2% in the first half of the day, with increased trading volume. The Shanghai Composite Index repeatedly hit a ten-year high, while domestic property and liquor stocks rose, and Cambricon surged by over 50%

The People's Bank of China today (25th) conducted a seven-day reverse repurchase operation in the open market amounting to 288.4 billion yuan (the same below), with the operation interest rate remaining at 1.4%. Today, 266.5 billion yuan of reverse repos matured, resulting in a net injection of 21.9 billion yuan for the day. On the same day, a fixed amount, interest rate bidding, and multiple price bidding method were used to conduct a 600 billion yuan MLF operation, with a term of one year. The central parity rate of the yuan against the US dollar was raised by 160 points to 7.1161, marking the largest increase in seven months.

The three major A-share indices opened high and rose further, with a significant increase in trading volume. The Shanghai Composite Index rose by 1.4% during the session, reaching a high of 3,880, a ten-year high, and closed at 3,858 points, up 32 points or 0.9%, with a trading volume of 901.85 billion yuan; the Shenzhen Component Index closed at 12,361 points, up 195 points or 1.6%, with a trading volume of 1.18 trillion yuan; the ChiNext Index closed at 2,741 points, up 59 points or 2.2%, with a trading volume of 573.8 billion yuan.

Domestic bank stocks Industrial and Commercial Bank of China (601398.SH) and China Construction Bank (601939.SH) fell by 0.5% and 0.2%, respectively. Ping An Bank (000001.SZ) opened high and rose, increasing by 2.9% for the half-day, with a net profit of 24.87 billion yuan in the first half of the year, down 3.9%, distributing 2.36 yuan per 10 shares.

Vanke A (000002.SZ) hit the daily limit, with interim losses expanding to 11.947 billion yuan. Other domestic property stocks also performed well, with Tefa Service (300917.SZ), China Vanke (600383.SH), and Shoukai Co., Ltd. (600376.SH) rising between 3.7% and 8.8%.

International gold prices rose, and precious metal stocks increased, with Zhongjin Gold (600489.SH), Shanjin International (000975.SZ), and Shandong Gold (600547.SH) rising by 2.7% to 3.6%. Rare earth stocks also rose, with Jintian Co., Ltd. (601609.SH), Shenghe Resources (600392.SH), and Longci Technology (300835.SZ) increasing by 2.5% to 6.5%.

Liquor stocks continued to rise, with Shui Jing Fang (600779.SH), Yingjia Gongjiu (603198.SH), Shanxi Fenjiu (600809.SH), and JGJC (000799.SZ) rising by 3.8% to 6.6%.

Cambricon (688256.SH) rose by 5.5% for the half-day. Due to increased capital expenditure in China's cloud computing, Goldman Sachs raised Cambricon's target price by 50% to 1,835 yuan. It was reported that Four-Dimensional Map (002405.SZ) is in the final stages of acquiring JianZhi Robotics, with its stock price rising by 4.4%. ZTE (000063.SZ) opened high but fell back, down 2.3%.

In addition, CATL (300750.SZ) and BYD (002594.SZ) rose by 1.5% and 0.7%, respectively