Objective market moves across A-shares, Hong Kong, U.S. equities and commodities. Market tape is excluded from industry-impact scoring.
As of 10:46 a. m. , ChangXin Memory's trading turnover reached 25.658 billion yuan, surpassing 25 billion yuan. The stock price fell 2.24% with a turnover rate of 11.92%. The previous trading day's full-day turnover was 141.187 billion yuan.
On July 29, 2026, the Chinese steel sector showed strong performance, with Liuzhou Steel hitting the daily limit up. Other stocks including Fangda Special Steel, Xinsteel, Wujin Stainless, Valin Steel, Maanshan Iron & Steel, and Shagang also rose in sympathy.
As of July 27, southbound funds held 504.5 billion shares via Stock Connect, representing 19.64% of total shares and a market value of nearly HK$6 trillion (HK$5.98 trillion). A total of 257 stocks had southbound fund holdings exceeding 20% of their total shares. Among these, AH concept stocks accounted for 58.75%. The sectors with the highest concentration were healthcare (49 stocks), industrial (46), and financial (36).
During the five trading days from July 22 to July 28, approximately 151 companies received institutional research. Hikvision was the most followed, with 204 institutions participating, while CSSC Special Gas led the gainers with a 30.09% increase. Securities firms surveyed 125 companies, accounting for 82.78% of the total. Among the 33 companies with over 20 institutions each, 10 saw net capital inflows, and 4 have released semi-annual reports.
The information security concept sector was active in trading, with Tianrongxin rising by the daily limit for two consecutive sessions. Guoan Shares opened at the daily limit. Other stocks such as NSFOCUS, Venustech, Sangfor, Anheng Information, and Qi-Anxin also posted strong gains.
Changxin Memory Technology surged 465% on its A-share debut, closing with a market capitalization of 3.2 trillion yuan, surpassing ICBC to become the most valuable A-share company. Trading volume exceeded 140 billion yuan. The company reported first-quarter 2026 revenue of 50.8 billion yuan, up 719% year-on-year, with a net profit margin of 65%. On the same day, South Korea's KOSPI index plunged 9%, with SK Hynix falling over 12% and Samsung Electronics over 10%. The KOSPI has retraced 35.5% from its peak.
Following the combined purchase of over 600 billion yuan in stocks by China Reform Holdings Corporation and China Chengtong Holdings Group, local state-owned platforms in Beijing, Shanghai, and Shaanxi have joined efforts to stabilize the capital market. Beijing State-owned Capital Management Center has allocated nearly 10 billion yuan from its own funds to invest in equities, while Chang'an Huitong Group increased holdings of provincial state-owned listed companies. The funds target central enterprise core assets and hard-tech sectors, with continued support for technology innovation and market value management.
On July 29, 2026, nine A-share companies had restricted shares become tradable, with a combined market value of RMB 10.901 billion. Shanghai Airport led at RMB 10.432 billion, representing 17.44% of its total shares. Two companies had unlocking ratios exceeding 10%. Total unlocking volume was 470 million shares, with Shanghai Airport, Lude Medical, and Zhenshi Co. leading in volume.
Hong Kong's IPO market continued to heat up in the first half of 2026. The exchange accepted 373 new listing applications as of June 30, and together with 372 carryovers from end-2025, 745 applications were in the pipeline, with 528 under active processing. By July 28, 100 IPOs had been completed, raising approximately HK$272.3 billion. Technology companies, particularly in semiconductors, AI large models, and smart hardware, remained the core driving force, while the 'A+H' listing trend gained further momentum.
As of July 28, 2026, qualified foreign institutional investors (QFII) had entered the top 10 tradable shareholders of 14 listed companies, with total holdings valued at approximately RMB 11.995 billion. UBS bought 27.37 million shares of CATL, marking its first appearance on that list in over seven years. Most portfolio companies posted strong first-half results, with Haozhi Jiadian and Youcai Resources reporting net profit gains of over 100%.
In 2026, 45 convertible bonds were publicly issued on A-shares, raising RMB 55.8 billion, more than double the number from the same period in 2025. Tech firms on ChiNext and the STAR Market accounted for 57.78% of issuers. Of the 36 bonds listed this year, 24 (66.67%) posted an average first-day gain of 57.30%. The outstanding market size has shrunk to about RMB 500 billion, down over RMB 60 billion from the start of the year, as 113 bonds matured or were redeemed. The median conversion premium stands at 60%.
Apple's market capitalization briefly exceeded $5 trillion on July 28, making it the second company after Nvidia to reach that level. The stock hit an intraday high of $342.89, giving a market value of about $5.036 trillion, before closing below the threshold on profit-taking. Apple has regained the top spot by market cap this month, surpassing Nvidia, which first crossed $5 trillion in October 2025 but has since fallen below.
U. S. stocks closed mixed on Tuesday, with the Dow rising 1.03% and the S&P 500 gaining 0.21% to a record, while the Nasdaq fell 0.22% as tech stocks slumped. Apple's market capitalization surpassed $5 trillion. The Philadelphia Semiconductor Index plunged 4.49%. Oil prices fell sharply, with U. crude down 4.1% and Brent down 5.0%, pushing the 10-year Treasury yield to 4.60%. Markets await the Federal Reserve's rate decision, with a 32% probability of a hike. Sector rotation continued from AI-related stocks to financials, industrials, materials, and healthcare.
Most US-listed Chinese stocks ended higher on July 28, 2026, with the Nasdaq Golden Dragon China Index rising 1.08%. Li Auto led gainers, up 4.68%, followed by NetEase (+2.89%), JD. com (+2.71%), and Weibo (+1.79%). On the downside, Futu Holdings fell 2.33% and Tiger Brokers dropped 2.24%.
Leading technology stocks showed mixed performance on July 28, 2026. Gainers included Netflix, up 2.83%, SpaceX rising 2.63%, Google gaining 2.19%, Microsoft up 1.09%, Apple advancing 0.94%, and Nvidia adding 0.25%. On the downside, Tesla fell 0.58%, Amazon dropped 0.23%, and Meta declined 0.08%.
SpaceX and Tesla have lost about $1.5 trillion in combined market capitalization since mid-June. SpaceX shares have fallen nearly 50% from their highs, while Tesla has dropped 18% since its earnings release last week. The earnings trigger a lockup mechanism allowing insiders to sell shares before the standard 180-day period, releasing over 900 million shares (20% of lockable shares) for trading. SpaceX earnings are due next Tuesday, with the lockup ending two days later. Implied volatilities stand at 160 for SpaceX and 55 for Tesla. Options activity shows continued bullish bias among small traders but growing caution from large traders.
SpaceX shares fell more than 5.7% intraday on July 28 to a low of $107.01, 20.73% below the $135 IPO price. The stock later recovered to $116, up 2% on the day. The decline has erased $1.2 trillion in market value from the peak, one of the largest such losses in history. Over 900 million shares are set to become tradable from August 6, adding to selling pressure. The stock had peaked at $225.64 on its third trading day (June 16).
SpaceX shares experienced a volatile session, declining more than 5% intraday before staging a sharp recovery to close with a gain of over 3%. The swing erased earlier losses, reflecting shifting market sentiment.
Strong quarterly earnings drove the Dow Jones Industrial Average up about 390 points, or 0.75%, to 52,600 as of 11:10 p. m. Hong Kong time. The S&P 500 edged down 3 points to 7,410, a 0.04% decline, while the Nasdaq fell 162 points, or 0.65%, to 24,769. One company raised its full-year earnings per share forecast. In Europe, the FTSE 100 gained 0.83%, the DAX rose 0.19%, the CAC 40 added 0.56%, and the FTSE MIB dropped 0.85%.
Intuitive Surgical reported quarterly revenue of $2.89 billion, up 18.5% year over year, on July 16. The next day, shares fell sharply after the company issued cautious procedure volume growth guidance and announced a Class II recall for certain Da Vinci components. The stock hit a low of $328.57 on July 23 before rebounding. On Tuesday, it rose 5.7% to $356.83. Technical indicators suggest a near-term reversal, with the RSI recovering from oversold territory and the DMI lines converging since the July 23 low.
On July 28, brokerage desks recorded a net capital inflow of 948 million yuan, with ZJ Interlink leading at 662 million yuan. Other top net buying stocks included Yanshan Technology and Wavelength Photoelectronics, with net buying accounting for 1.28%, 18.23%, and 70.59% of their respective daily turnover. Meanwhile, Xianfeng Holdings, Jingwang Electronics, and Shenling Environment led net selling, with net selling representing 10.43%, 5.04%, and 8.09% of turnover.
Zhipu recorded net buying through the Hong Kong Stock Connect program for five consecutive trading days, with cumulative net purchases reaching 2.55 billion HKD. The stock price rose 11.74% during the period. On July 24, Zhipu's turnover was 6.07 billion HKD with a net buying of 0.24 billion HKD. The total turnover of active stocks across the Stock Connect channel was 39.35 billion HKD, with net selling of 4.10 billion HKD.
Yongxin Optics appeared on the dragon and tiger list on July 28 after margin buying accounted for 51.81% of its total trading volume. The stock closed at the daily limit of 101.66 yuan, up 10%, with a turnover of 192 million yuan and volume of 1.884 million shares. Guotai Haitong Securities was the largest margin buyer, purchasing 99.23 million yuan. Over the past month, there were five similar records of abnormal margin buying, with Tianfu Energy posting the largest gain of 10.06% and YTO Express recording the highest turnover of 205 million yuan.
Ten stocks recorded extra-large order net inflow exceeding 200 million yuan on the day. Yanshan Technology led with a net inflow of 602 million yuan, followed by Agricultural Bank of China with 585 million yuan. Other notable gainers included Industrial and Commercial Bank of China, Zhangjiang Hi-Tech, and Gongjin Electronics. On the outflow side, Zhongji Innolight saw the largest net outflow of 5.089 billion yuan, followed by Eoptolink Technology with 4.679 billion yuan and GigaDevice Semiconductor with 3.906 billion yuan.
SpaceX shares dropped more than 5% in intraday trading, extending the cumulative decline from the initial public offering price to 20%. The stock has now lost a fifth of its value since its market debut, reflecting continued selling pressure.
Apple Inc. shares rose 1% in early trading, reaching a new all-time high. The gain pushed the company's total market capitalization above $5 trillion for the first time, a milestone for the world's most valuable publicly traded company.
Changxin Technology surged 465.82% on its STAR Market debut on July 27, closing with a market capitalization of 3.27 trillion yuan, making it the highest-valued company in A-shares. Early investors including BYD, NIO, Chery, and GAC Group reaped substantial gains. BYD participated in the first funding round six years ago at a pre-money valuation of 19.8 billion yuan, with chairman Wang Chuanfu holding 0.014% beneficial shares. NIO and Chery each invested 158 million yuan. The company, China's largest DRAM integrator, grew revenue from 9.06 billion yuan in 2023 to 61.28 billion yuan in 2025, a compound annual growth rate exceeding 160%, and holds a 7.67% global DRAM market share.
On July 28, A-share three major indices opened lower and moved lower. CPO and storage chip concepts were hit hard, with over 2,700 stocks declining. Total turnover was RMB 2.03 trillion, down RMB 50.8 billion from the previous session. Over 20 mutual funds recorded a single-day net value drop of more than 11%. BOE A's controlling shareholder plans to increase its stake by RMB 500 million to RMB 1 billion, with no fixed price range.
Nvidia shares fell nearly 5% to $196.51 on July 27, while its five-year credit default swap spread rose 14 basis points to 0.82%, the largest single-day increase since November 2025. The widening spread signals growing market concern over the company's credit risk as its ties to the AI supply chain deepen. At the 0.82% quote, the annual premium for default protection on $10 million of Nvidia debt would be about $82,000.
On July 28, A-share bank stocks rose 1.51% as measured by the Wind Bank Index, with 39 of 42 bank stocks gaining. The sector's total market capitalization reached RMB 14.6 trillion, up RMB 229 billion from the previous day. China Construction Bank and Industrial and Commercial Bank of China both hit record highs. The rally was driven by a shift toward defensive, high-dividend stocks amid market volatility. The rebound followed a weak first half and was supported by early interim reports from Bank of Chongqing and Chongqing Rural Commercial Bank showing profit growth.