Chinese stocks rise as technology shares lead gains

Chinese stocks closed higher on Monday, with the Shanghai Composite gaining 1.41% to 3,982.7 and the Shenzhen Component rising 2.44% to 14,704.3. Both indexes reached their highest levels in more than a month, led by strong gains in technology stocks.

Cambricon Technologies, Zhongji Innolight, Eoptolink Technology, NAURA Technology, SMIC, and Hygon Information Technology were among the top performers. SMIC surged after reporting that its second-quarter profit more than tripled from a year earlier, while Hygon posted solid growth in revenue, profit, and R&D spending.

However, the broader economic picture remained weak. Recent data showed fixed-asset investment, industrial output, and retail sales all fell short of expectations, pointing to a slow start to the second half of the year. The NBS said the economy remained generally stable but warned that weak domestic demand and an uncertain global environment continue to weigh on growth.

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