Chinese equity markets opened mixed on the morning of January 29, with the Shanghai Composite ticking up 0.11% while the Shenzhen Component and the ChiNext (growth) board opened marginally lower, down 0.07% and 0.03% respectively. Sector rotation was evident at the open: non‑ferrous metals and oil & gas indices posted the largest early gains, signalling investor interest in resource plays rather than growth or tech names.
The flavour of trading reflects recent strength in commodity prices and a flurry of resource‑focused fund flows. In recent sessions several resource and metals ETFs have registered double‑digit intraday moves and individual mining and oil & gas stocks have seen sharply higher bids, driven by tighter supply expectations in certain base metals and renewed oil market optimism. That momentum lifted related sector indices at the A‑share open, even as broader market direction remained muted.
Regional markets were uneven, offering a mixed backdrop to the A‑share open. Hong Kong saw buoyant new‑issue activity earlier in the day, while other Asian bourses including Korea and parts of Southeast Asia experienced pullbacks, underscoring divergent local drivers across markets. Against this patchwork global picture, Chinese resource stocks have become a focal point for domestic and cross‑border investors searching for commodity exposure.
For Chinese policymakers and corporates, the sector tilt matters because sustained commodity strength filters into input costs, industrial margins and inflation readings. A prolonged rally in metals and energy would support miners and oil producers but could widen cost pressures for manufacturers that rely on those inputs. For portfolio managers, the current pattern is a reminder of the cyclical undercurrent beneath the headline equity indices: temporary leadership can switch quickly when commodity narratives shift or if authorities signal macro support.
Market participants should treat the early‑session moves with caution: the gains were concentrated and the overall opening moves were small. The mix at the open suggests investors are selectively positioning, not committing to a broad risk‑on stance. The evolution of commodity prices, liquidity conditions around the Lunar New Year, and any near‑term policy or data surprises will determine whether the resource rally broadens into a more durable market trend.