Summary · why it matters
China's three major A-share indices closed higher on July 31, with multimodal AI concept stocks surging and nearly 4,700 stocks ending in positive territory. The Shanghai Composite Index rose 0.72 percent to 3,832.26 points, the Shenzhen Component Index gained 2.21 percent to 13,578.93 points, and the ChiNext Index jumped 3.06 percent to 3,343.96 points. A total of 4,685 stocks across the Shanghai, Shenzhen and Beijing Stock Exchange advanced, with combined turnover reaching 2.54 trillion yuan, an increase of 199.2 billion yuan from the previous trading day. On the sector front, multimodal AI, Kimi, ChatGPT and AIGC led the gains, with nearly 50 computer-sector stocks hitting their daily limit up or rising over 10 percent, and nearly 20 media stocks also surging by the daily limit or more than 10 percent. Banking stocks underperformed, with Agricultural Bank of China, Bank of Ningbo and Bank of Communications falling over 2 percent. A research note from China Galaxy Securities argued that the 'six networks' as key infrastructure supporting the implementation of the technology strategy are expected to accelerate, with the computing power network, next-generation communication network and new-type power grid closely linked to the tech sector. China Securities said the market may show range-bound index consolidation with a continued shift between high and low styles in the short term, and that a solid market bottom still needs to wait for stabilisation signals from the tech sector.
Jizhong Energy Resources Co Ltd
Bank of Ningbo Co Ltd
Guangdong Sky Dragon Printing Ink Group Co Ltd
Wondershare Technology Co Ltd Class A
Easy Click Worldwide Network Technology Co. Ltd. A
Ronshin Group A
Agricultural Bank of China Ltd Class A
Bank of Communications Co
Bank of China Limited