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On Friday, A-shares opened low and closed high, with all three major indices closing slightly higher. Huawei concept stocks erupted across the board, and Western Development concept stocks surged straight up at the end of the day, with multiple stocks such as Western Animal Husbandry, Western Construction, Tianshan Shares, and Xinjiang Communication Construction hitting the daily limit.

Hong Kong tech stocks weakened, with NetEase falling more than 13% at one point after earnings, Baidu fell nearly 5%, and Bilibili fell more than 4%, all of which had previously announced their Q2 reports.

The Shanghai Composite Index closed up by 0.2%, the Shenzhen Component Index rose by 0.24%, and the ChiNext Index increased by 0.02%. More stocks fell than rose, with over 3,200 stocks declining, and the total daily transaction volume was 510.2 billion yuan, which was 38.9 billion yuan less than the previous trading day.

The Hang Seng Index closed down by 0.16%, and the Hang Seng Tech Index fell by 1.13%. NetEase fell by more than 10%, and Baidu Group fell by nearly 5%. The overall market transaction volume was 78.773 billion Hong Kong dollars, with net purchases of 2.72 billion Hong Kong dollars from Southbound funds.

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Treasury futures closed higher across the board, with the 30-year main contract up by 0.15%, the 10-year main contract up by 0.09%, the 5-year main contract up by 0.11%, and the 2-year main contract up by 0.09%.

A-shares' Shanghai Composite rebounded with a 0.2% increase, with Western Development concept stocks surging at the end of the day, and Huawei's industry chain leading the gains.

The three major A-share indices rebounded with fluctuations, with the Shanghai Composite Index up by 0.20%, the Shenzhen Component Index up by 0.24%, and the ChiNext Index up by 0.02%.

In terms of market performance, Western infrastructure concept stocks rose in the afternoon, the Huawei HarmonyOS theme was strong throughout the day, the digital currency and cybersecurity sectors increased, and insurance, securities, and home appliances sectors were among the leaders in gains. The lithium battery industry chain weakened across the board.

The Western Development sector surged at the end of the day, with multiple stocks such as Western Animal Husbandry, Western Construction, Tianshan Shares, and Xinjiang Communication Construction hitting the daily limit.

In terms of news, the Political Bureau of the CPC Central Committee held a meeting to review the "Several Policy Measures for Further Promoting the Formation of a New Pattern of Western Development." The meeting emphasized the need for comprehensive deepening of reforms, further liberating and developing social productive forces, stimulating and enhancing social vitality, and forging a path of modernization that fits the regional reality of China. It is necessary to base on functional positioning and industrial foundations, to strengthen and expand distinctive advantageous industries, to focus on enhancing scientific and technological innovation capabilities, and to promote the transformation and upgrading of traditional industries.Huawei concept stocks experienced a comprehensive surge, with directions such as HiSilicon and HarmonyOS leading the gains, and more than 10 stocks including Ubiquitous Information, Century Dingli, Shenzhen Huaqiang, and Topway Information hitting the daily limit rise.

The lithium battery sector declined.

Treasury futures closed higher across the board, with the 30-year main contract up by 0.15%, the 10-year main contract up by 0.09%, the 5-year main contract up by 0.11%, and the 2-year main contract up by 0.09%.

Most technology stocks fell, with NetEase plunging more than 10% after reporting earnings.

The main Hang Seng Index closed lower, with the Hang Seng Index down by 0.16%, and the Hang Seng Technology Index down by 1.13%.

On the trading floor, most large-cap technology stocks declined. NetEase's Q2 revenue fell short of expectations, and dividend payments were reduced, leading to a drop of more than 10%. Baidu, Alibaba Health fell nearly 5%, while Meituan, Xiaomi, and Tencent also declined. In contrast, Kuaishou and Alibaba rose against the trend.