On May 20, China's three major A-share indices exhibited a mixed performance with continued volatility. The Shenzhen Component Index retreated nearly 1% during the morning session, while the ChiNext Index displayed a more resilient pattern—initially rising, then pulling back, before ultimately flipping back to positive territory by midday. As of the market close, the Shanghai Composite Index had dipped 0.45%, the Shenzhen Component Index declined 0.37%, and the ChiNext Index managed a modest 0.05% gain. Across both markets, trading volume surpassed 1.9 trillion yuan.

The market breadth leaned bearish, with over 3,800 stocks finishing the morning session in negative territory. Sector-wise, several sub-segments within the semiconductor industry stood out as top performers, with memory chips and Co-Packaged Optics (CPO) leading the charge. The lithium battery sector also experienced a late-morning surge, closing sharply higher. In contrast, the power sector remained under pressure, while AI applications and livestock farming sectors witnessed significant sell-offs.