The Shanghai Composite fell 0.2% to below 4,140 on Thursday, ending a two-day rally as declines in new energy and metal stocks dragged on the broader market. The moves followed reports that the Trump administration plans to use a Pentagon-developed artificial intelligence program to help set reference prices for critical minerals. Among clean energy and metal shares, the biggest losers included Contemporary Amperex (-5%), Sungrow Power (-5.2%), China Northern Rare Earth (-1.7%), Zijin Mining (-1.3%) and CMOC Group (-1.9%). In contrast, technology shares extended their rebound for a second day, following Wall Street gains amid easing worries about an overheated AI trade. Notable winners included Victory Giant (+7.9%), Suzhou TFC Optical (+6.5%) and Range Intelligent Computing (+16.8%).
