FX.co ★ China Stocks Rally on AI, Commercial Space Boost

The Shanghai Composite Index experienced a rise of 1.09%, concluding at 4,165, while the Shenzhen Component Index surged by 1.75%, reaching 14,367 on Monday. The Shanghai Composite achieved its highest point in over a decade, propelled by significant investments in artificial intelligence and commercial space stocks. Chinese equities continued to garner strong investor interest, spurred by the country's progress in critical technological sectors and anticipated additional policy support, which bolstered optimistic market sentiment. Last Friday, China's cabinet deliberated on a suite of fiscal and financial initiatives designed to stimulate domestic demand, including measures to boost household spending. Leading the charge in AI-related stocks were companies like BlueFocus Intelligent, which soared by 20%, Zhongji Innolight with a 1.5% increase, and East Money Information, which rose by 3.8%. Additionally, commercial space stocks surged following China's application for frequency and orbital resources for over 203,000 satellites across 14 constellations. Notable performers in this sector included Addsino, which climbed 5.9%, and both China Satellite and China Aerospace, which each saw a 10% uptick.