A-share opening express | ChiNext falls more than 1%, AI application end defies trend and strengthens again

On November 15th, A-shares continued to adjust in the morning session. As of 9:50, the Shanghai Composite Index fell by 0.53%, the Shenzhen Component Index fell by 1.03%, and the ChiNext Index fell by 1.41%. On the market, the AI application sector strengthened again. Concepts such as Sora, intelligent AI, cultural media, gaming, and education led the gains, while sectors like metaverse, data elements, and computing power all rose. The Huawei concept and tourism sectors were among the top gainers. On the downside, semiconductor chip stocks continued to decline, with the photovoltaic, real estate, insurance, and metal sectors leading the losses. In terms of main funds, money favored industries like advertising and marketing, film and television theaters, and publishing, while funds moved away from industries like semiconductors, securities, and batteries. Institutional Views: Looking ahead, Huatai believes that in the current policy vacuum period, there is no need to worry too much about short-term volatility, as market adjustments also provide buying or repositioning opportunities. CICC: Mid-term attention must still be paid to the impact of capital CICC points out that looking ahead, A-shares are currently in a historically active state, with new investors and margin financing being the main incremental funds in the recent period. From the data, it can be inferred that the positions of existing institutional investors did not increase significantly during the previous uptrend. Therefore, from a capital perspective, the market may have good support to sustain a volatile upward trend. However, considering the large accumulations in the previous period, major indexes approaching previous highs and trading intensities, as well as external pressures, if there is short-term profit-taking and a concentration of funds, this may cause index fluctuations. This is a normal phenomenon during periods of consolidation and does not change the medium-term trend. Looking ahead, after the policy expectations are reversed, it is necessary to pay attention to the transmission of policy implementation to fundamental improvements. EB Securities: Funds may switch between high and low, looking for new main lines at relatively low levels EB Securities stated that some funds took profits on Thursday, causing high and strong stocks to decline, dragging down the overall market for a follow-up adjustment. Looking ahead, after another general decline, market sentiment has cooled somewhat, especially for high-priced stocks, which have seen a noticeable ebb; next, the market may need some time to digest the selling pressure on high-priced stocks. At the same time, in terms of market styles, funds may switch between high and low, looking for new main lines at relatively low levels. Huatai: If the subsequent volume fails to be effectively restored, the time for short-term adjustment may be extended Huatai believes that from the A-share market performance on Thursday, market sentiment is weak, as reflected in the shrinking volume, with the turnover of the two markets falling below 2 trillion yuan. On the other hand, the hype surrounding hot concept sectors has cooled. In the afternoon, the market showed a downward trend, with little resistance from the bulls, and the Shanghai index once again fell below 3400 points, below the 10-day moving average. Currently, volume remains key, and if the subsequent volume fails to be effectively restored, the time for short-term adjustment may be extended. Hot Sectors: AI application side strengthens again The cultural media, education, gaming, and other AI application sectors are strong again. Sinodata Co., Ltd. hit the limit for the fifth day in a row, while Qingdao Kutesmart Co., Ltd. and Cubic Digital Technology20CM also hit the limit. JC Finance & Tax Interconnect, Doushen (Beijing) Education & Technology Inc., Easy Click Worldwide Network Technology, Digiwin Co., Ltd., and others were among the top gainers. Commentary: On the news front, OpenAI is preparing to release an AI agent named "Operator" that can independently perform tasks. Open Source Securities pointed out that the recent continuous improvement of large-scale model inference, search, video generation, and other multimodal capabilities domestically and internationally may continue to boost the growth of AI application users and open up commercialization space, further expanding the layout of AI applications.