The Shanghai Composite Index gained 1.8% to close at 3,395, marking a new high in ten months, after jumping above 3,400 mark at one point, the Shenzhen Component Index up 0.4% and the tech-heavy Chinext Price Index up 0.25%.
Oil and gas companies, real estate developers, telecom companies, defence stocks, banks and securities brokerages led the rallied. AI-concept stocks rebounded after China’s leading intelligent speech and AI company iFLYTEK launched its generative language model. Vocational education companies gained as the Ministry of Education vowed to continue to provide subsidies for high-level vocational education institutions.
Automakers and charging facility companies were mostly higher after the State Council approved the measures to promote sales and use of NEVs in rural areas and pledged to accelerate construction of charging infrastructure. Traditional Chinese medicine companies, coal miners, electric power companies and battery producers were also higher.
Semiconductor companies, liquor makers, hotels, tourism companies and airlines were mostly lower.