09.10.202507:24:52UTC+00China Stocks Hit 10-Year Highs

The Shanghai Composite Index climbed 1.32% to close at 3,934, while the Shenzhen Component Index rose 1.47% to reach 13,725 on Thursday. Notably, the Shanghai Composite achieved its highest level in over a decade as mainland markets resumed trading after the extended Golden Week holiday, which recorded an unprecedented 2.43 billion nationwide passenger trips. The mining sector experienced significant gains, buoyed by stronger metal prices and the Chinese government's announcement of export restrictions on rare earth production technology. This move aims to solidify China’s leading position in the rare earth sector amidst escalating competition with the United States. Prominent performers included Zijin Mining and China Northern Rare Earth, each surging 10%, and Zhejiang Huayou Cobalt, which increased by 6.7%. Additionally, technology stocks advanced, driven by global enthusiasm for artificial intelligence, with notable gains seen in companies such as ZTE Corp, Giga Device Semiconductor, Hygon Information, Foxconn Industrial, and IEIT Systems, whose shares increased between 2.1% and 9.5%. Meanwhile, investors turned their attention to the upcoming Communist Party leadership meeting scheduled for October 20-23 and the anticipated Xi-Trump meeting at the APEC summit later in the month.