On the morning of July 24, China's three major A-share indices fell collectively. The Shanghai Composite Index dropped 1.2%, the Shenzhen Component Index fell 1.77%, and the ChiNext Index declined 1.78%. More than 4,900 stocks across the market closed lower. Military stocks bucked the trend, with Great Wall Military Industry hitting its second consecutive daily limit up. Stocks related to the concept of ordnance equipment restructuring surged collectively. Huaqiang Technology rose over 14%, while Jianshe Industry, Hunan Tyen, and Dongan Auto Engine hit their daily limit up. The semiconductor equipment sector also rose against the market, with PNC Process Systems soaring to its daily limit up and Torrens rising over 13%. On the news front, US-Iran tensions escalated. Trump said that if Iran opens fire in the Strait of Hormuz, the US will bomb Iranian targets, and Iran warned it would block oil exports. Hong Kong stocks fell across the board, with the Hang Seng Index down 1.25%. Alibaba dropped over 5%, Tencent fell 2.74%, while Zhipu bucked the trend and rose over 8%.
PNC Process Systems Co LtdUS-Iran tensions escalate, boosting defense and military-related stocks; PNC Process Systems, as a semiconductor equipment maker, may benefit from military/defense demand or sector sentiment.