Hong Kong-listed shares of NIO Inc. surged 15%, following its latest earnings report which revealed a historic breakthrough in Q4 2025, marking its first-ever quarterly profit. NIO Inc.'s Q4 revenue reached 34.65 billion yuan, with deliveries exceeding 124,000 units, both setting new records. The vehicle margin soared to 18.1%, achieving a quarterly net profit of 727 million yuan. The OpenClaw concept remained popular, with Hong Kong-listed large model stocks like Zhipu AI and MiniMax posting significant gains again.

On March 11, A-shares experienced volatile and divergent trading. The Shanghai Composite Index edged down slightly, while the ChiNext Index rose over 1%. Computing hardware continued its upward trajectory, with active performance in areas like CPO and optical circuit switches. The industrial mother machine concept saw a strong breakout. Oil and gas stocks underwent another day of adjustment.

After opening higher, the Hong Kong market retreated somewhat during the morning session. Gains for the Hang Seng Index and the Hang Seng Tech Index narrowed significantly. New energy vehicle stocks rallied strongly, led by NIO Inc.'s 15% jump, following its report of a first quarterly profit. Technology and internet stocks were mixed; Tencent rose 2% amid reports of its secret development of WeChat AI agents, potentially rolling out to all users within the year.

In bond markets, treasury futures declined across the board. In commodities, most domestic commodity futures rose, with the containerized freight index up 4%. Crude oil and fuel oil continued their sharp declines.

**Core Market Movements:**

**A-Shares:** As of writing, the Shanghai Composite Index fell 0.22%, the Shenzhen Component Index rose 0.37%, and the ChiNext Index gained 1.22%.

**Hong Kong Stocks:** As of writing, the Hang Seng Index was up 0.09%, and the Hang Seng Tech Index increased by 0.30%.

**Bond Market:** Treasury futures were down across all major contracts. As of writing, the 30-year main contract fell 0.18%, the 10-year main contract dropped 0.04%, the 5-year main contract declined 0.02%, and the 2-year main contract was flat.

**Commodities:** Domestic commodity futures were mostly higher. As of writing, the containerized freight index surged over 5%. Shanghai aluminum and caustic soda rose 2%. Shanghai silver, rubber, soybean meal, and Shanghai gold increased by 1%. Gains were also seen in eggs, iron ore, platinum, glass, manganese silicon, Shanghai copper, palladium, alumina, Shanghai tin, rebar, hot-rolled coil, polysilicon, and lithium carbonate. Coking coal, industrial silicon, pulp, asphalt, Shanghai nickel, and stainless steel declined. Fuel oil fell over 7%, while crude oil plummeted 11%.

**09:46** The lithium mining concept experienced a volatile upswing. Weiling Co. hit the upper limit, followed by gains in Yongxing Materials, Eve Energy, Tibet Summit, Tianhua New Energy, and Hongxing Development.

**09:40** The liquid cooling server concept strengthened. Dayuan Pump Industry hit the upper limit, with Feilong Auto Parts, Envicool, Chuanrun Shares, and Yimikang also advancing. The upcoming GTC 2026 conference, Nvidia's AI event scheduled for March 16-19 in San Jose, California, focusing on AI and next-generation AI infrastructure, provided a positive backdrop.

**09:25** The super-hard materials concept maintained its strength. Huanghe Cyclone achieved its second consecutive limit-up, followed by Power Diamond, SF Diamond, Huifeng Diamond, and Waldom.

**09:26** The Shanghai Composite Index opened 0.01% higher, while the ChiNext Index rose 0.37%. Industrial mother machines, cybersecurity, high-speed copper connections, nuclear fusion, commercial aerospace, and the CPO theme showed strength. Oil & gas and coal sectors weakened, while cloud computing concept stocks saw a pullback.

**09:21** The Hang Seng Index opened 0.59% higher, and the Hang Seng Tech Index opened up 0.87%. NIO Inc. surged 15%, Tencent Holdings gained over 4%, with Contemporary Amperex Technology and Baidu Group among the top performers.

**09:01** At the commodity futures open, the main crude oil contract fell over 13%. Fuel oil and pure benzene dropped over 8%, LU fuel oil declined over 6%, while LPG, PTA, propylene, styrene, and plastics fell over 5%. Shanghai silver and soybean meal rose over 2%.