Evening Hot Topics for A-shares | Ministry of Industry and Information Technology makes major announcement! Concerns about photovoltaic production capacity.

Below is the text of the evening news: 1. Ministry of Industry and Information Technology: The minimum capital ratio for new and expanded photovoltaic manufacturing projects is 30%. Importance: The Ministry of Industry and Information Technology has revised the "Specifications for the Photovoltaic Manufacturing Industry" and the "Interim Measures for the Management of Announcements for the Photovoltaic Manufacturing Industry." It guides localities to reasonably allocate photovoltaic manufacturing projects based on resource endowment and industrial foundation, and encourages intensive and clustered development. It guides photovoltaic enterprises to reduce photovoltaic manufacturing projects that simply expand production capacity, strengthen technological innovation, improve product quality, and reduce production costs. The minimum capital ratio for new and expanded photovoltaic manufacturing projects is 30%. 2. 112 domestic new games approved for release, more than ten listed companies have achievements Importance: The National Press and Publication Administration announced the approval information for domestic online games in November 2024, with a total of 112 games approved. Some of the products of listed companies include: Shenzhen Bingchuan Network's "Trendy Adventure Team" and "Dream City," Kingnet Network's "Primordial Proud Sword" and "Fate of the Immortals," Shenzhen Zqgame's "Lost Mars" and "Flames and Snow: Conquest," Yoozoo Interactive's "Endless Treasure Box," MiGu Interactive Entertainment under China Mobile Limited's "Swordsman Turning Blade," Zhejiang Century Huatong Group's "Clearing the World by Eliminating," Zhejiang Jinke Tom Culture Industry's "Adventure Elite Troops," 37 Interactive Entertainment Network Technology Group's "Guarding Douluo," ZENGAME's "Fingertip Burger," FRIENDTIMES' "Xiu Xiu Lian Meng," and Oriental Pearl Group's "Extreme Archer." 3. Former Deputy Director of the Legal Department of the China Securities Regulatory Commission, Wu Guofang, is under investigation, former Director of the Science and Technology Supervision Department, Yao Qian, is "double opened" Importance: According to the Central Commission for Discipline Inspection of the National Supervision Commission and the Jiangsu Provincial Commission for Discipline Inspection and Supervision of the China Securities Regulatory Commission: Wu Guofang, the former Deputy Director of the Legal Department of the China Securities Regulatory Commission, is under disciplinary review and investigation; Yao Qian, former Director of the Science and Technology Supervision Department of the China Securities Regulatory Commission and former Director of the Information Center, has been expelled from the party and public office. 4. Guotai Junan, Haitong: Major asset restructuring approved by the Shanghai State-owned Assets Supervision and Administration Commission Importance: On the evening of November 20, Guotai Junan and Haitong announced that the Shanghai State-owned Assets Supervision and Administration Commission recently issued the "Approval of the Shanghai State-owned Assets Supervision and Administration Commission on Guotai Junan Securities Co., Ltd.'s Share-for-Share Merger with Haitong Co., Ltd. and Related Financing Matters" (Shanghai State-owned Assets Commission Property Rights [2024] No. 210), which generally agrees with the overall plan of the transaction. 5. Performance results to be released soon, tonight is the "Nvidia Moment" again Importance: With the conclusion of the U.S. election and the dust settled on the Federal Reserve interest rate decision, the global market's attention this week is focused on Nvidia, ushering in the highly anticipated "Nvidia Moment." On Wednesday Beijing time, Nvidia will release its third-quarter financial report for the 2025 fiscal year ending in October. According to data from Visible Alpha, Nvidia's revenue in the third quarter is expected to reach $33.28 billion, an 84% increase from the same period last year, net profit is expected to increase by 88.9% year-on-year to 17.45 billion, and earnings per share are projected to rise from 37 cents per share to 70 cents per share from the same period last year. 6. Is an employee of Quantitative Big Factory being arrested? Confirmation: Employee assisting in investigation for personal reasons Importance: On November 20, there were rumors that an employee of Fantasia Quantitative was arrested for involvement in brokerage rebates. In response, a reporter from Cailian News verified from multiple sources that an employee of Fantasia Quantitative is indeed assisting in an investigation for personal reasons. Regarding the rumor of "brokerage rebates," a person from Fantasia Quantitative stated that the company is not involved in brokerage rebates at the corporate level, and trading commissions are fixed. In addition, multiple sources indicate that the employee assisting in the investigation is Li Cheng, the Market Director of Fantasia Quantitative. 7. Lithium carbonate manufacturers rumored to raise prices of long-term lithium carbonate contracts? Multiple responses: No notification received Importance: Recent market news suggested that a meeting was held in Sichuan to raise long-term lithium carbonate contract prices. On November 20, reporters contacted several upstream and downstream lithium carbonate companies and learned that they had not received any relevant notifications, and that the price of lithium carbonate is currently determined based on market fluctuations. 8. Will the sales targets for dealers next year be reduced? Kweichow Moutai, Wuliangye Yibin respond Importance: In 2024, due to insufficient market demand, slow sales, and the impact of low prices from e-commerce, liquor dealers are facing huge inventory pressure. A reporter, posing as an investor, called Kweichow Moutai and Wuliangye Yibin to inquire if the sales targets for 2025 for dealers would be reduced. A person from the office of Kweichow Moutai responded that dealer sales targets are internal information the company cannot disclose. However, the company will disclose annual targets in this year's annual report, so pay attention to the relevant content at that time. A person from the securities department of Wuliangye Yibin replied that they are not aware of the sales plans related to dealer sales targets for 2025. In addition, the following news is also worth paying attention to: 9. Zhang Dandan publicly called out Zhang Yiming: demanding that Toutiao and Douyin delete harmful and defamatory remarks about her. 10. The results of the second batch of China A500 ETF placements have all been released, with 24 billion yuan raised. 11. Alibaba CEO Wu Yongming: AI will create far greater value in the next 30 years than the Internet.EmbassyThe situation between Russia and Ukraine is at risk of worsening! According to CCTV news, the US Embassy in Kyiv, Ukraine issued a security alert on its official website on November 20th, local time, stating that the embassy had received information about a potential major airstrike on November 20th. Out of caution, the embassy will be closed, and embassy staff have been instructed to take shelter on-site. US companies are beginning to respond to Trump's tariffs: China cannot be replaced, we really have no choice According to the Wall Street Journal on November 20th, US companies are returning to the strategies they used during Trump's first term, including stockpiling Chinese imports before tariffs take effect. At the same time, US companies are considering other measures such as raising prices and shifting supply chains. Some US companies lament that Trump's proposed tariffs are a punishment for them, "we have no choice". In October, Japan's exports of chip equipment to China surged, but the shadow of Trump's tariffs loomed On Wednesday, the latest data released by the Japanese government showed that due to the recovery in demand for chip equipment in China, Japan's exports in October exceeded expectations. However, concerns about US trade protectionism policies hindering Japan's future exports have intensified following Trump's election win. In terms of investment opportunities that the market is focusing on, data assets, satellite internet, Xiaomi cars, etc. are receiving attention. 1. Accelerated entry of data assets, scarcity of stocks with steady growth in performance + low P/B ratio + low P/E ratio 2. Satellite Internet | The "Qianfan Constellation" satellite Internet project will begin operations in Brazil in 2026 3. Xiaomi Cars | Lei Jun: Xiaomi's end-to-end full-scenario autonomous driving will be launched at the end of next month 4. Minor metals | Tungsten prices approaching historical highs, global supply and demand tensions intensifying On the positive side, Self-selected Brother suggests paying attention to the Guotai Junan and Haitong merger approval through antitrust reviews, while on the negative side of announcements, pay attention to the risks indicated by the 12 consecutive boards in Daqian Ecology & Environment Group. Positive announcements: 1. Guotai Junan: Merger with Haitong approved through antitrust review 2. Youon Technology: Plans to buy 65% equity of Shanghai Lianshi, suspension from tomorrow 3. Ccoop Group Co.,Ltd.: Plans to acquire 51% stake of China Supply and Marketing Group from China Supply and Marketing Group for 1.511 billion 4. Suzhou HYC Technology: Plans to repurchase 25-50 million shares 5. Shuangliang Eco-Energy Systems: Won a 114 million yuan equipment procurement project Negative announcements: 1. Daqian Ecology & Environment Group, 12 consecutive boards: Stock price has risen by 214.02% since resuming trading on November 5 2. Qingdao Kutesmart Co.,Ltd., 5-day 4-boards: Business activities are normal 3. Solareast Holdings, 13-day 11-boards: No large-scale promotion of supercharging stations planned, investors are reminded to be aware of concept speculation risks 4. Nanxing Machinery, 5-day 4-boards: Company does not have any violations of fair disclosure of information 5. SGSG Science & Technology: Approval for the transfer of shares by Zibo Guotou has not yet been obtained 6. Inner Mongolia Junzheng Energy & Chemical Group: Shareholder Tian Xiuying holding over 5% stake plans to reduce stake by no more than 3% This article is from "Tencent Stock Selection", GMT8 Editor: Xu Ran