Evening Hot Topics in A-shares | Why did A-shares experience a sharp drop? What is the future trend? The latest analysis from institutions has arrived.

1. Huawei Releases Breakthrough AI Technology! NVIDIA Spent 5 Billion Just to Get the "Same Model" Importance: Huawei hosted the "2025 AI Container Application Landing and Development Forum" in Shanghai, officially releasing and open-sourcing the innovative AI container technology Flex:ai. Previously, in April 2024, NVIDIA acquired the Israeli AI infrastructure company Run:ai for $700 million (approximately 4.97 billion RMB). The core technology and product of this company is to improve GPU utilization, supplementing NVIDIA's software capabilities in the field of AI computing resource management. CITIC Securities stated that since 2025, both Chinese and American technology stocks have achieved remarkable results, with the computing power sector leading the market in terms of growth, and opportunities for models and applications emerging on the side. Looking ahead to 2026, domestic computing power is on the rise, with performance elasticity and investment certainty, expected to replicate the long bull market seen in US stocks since 2023. Comments: Huawei's open-sourcing of Flex:ai directly throws a "technological bomb" into the computing power circle! With fine operations cutting 10% on a single card, even small and medium-sized enterprises can achieve "GPU freedom". This wave of new releases from Huawei directly upgrades the domestic replacement from "usable" to "good". 2. State-Owned Enterprise Restructuring Major News! Multiple Key Projects Signed, Involving New Materials, Artificial Intelligence, and Other Fields Importance: On November 21st, the State-owned Assets Supervision and Administration Commission of the State Council organized a meeting to promote the professional integration of central enterprises and held a signing ceremony for key projects. The meeting summarized the progress and effects of the previous phase of professional integration work, organized the signing of key projects, and outlined new tasks and requirements for the current phase. Eight groups, consisting of 17 units, signed key projects in two batches, mainly involving key areas such as new materials, artificial intelligence, cruise operations, inspection and testing, and aviation logistics. Comments: State-owned enterprise restructuring sees another "matchmaking"! Key areas such as AI, new materials, and others are "certified". However, stock investors should not rush to follow suit: signing is just an official announcement, and the honeymoon phase must wait for integration effectiveness. Historical experience shows that state-owned enterprises are better off with a longer courtship rather than a quick marriage, so investors should wait for signals of actual implementation. 3. Why Did A-Shares See a Sharp Decline? How Will the Market Progress? Latest Analysis from Institutions Importance: On November 21st, there was a significant adjustment in the A-share market. Boshi Fund believes that this was mainly influenced by overseas risk transmissions and internal structural contradictions. Concerns about the overseas AI bubble exacerbated the decline in global risk appetite, further disturbing the liquidity environment as expectations of a rate cut by the Federal Reserve diminished, putting pressure on the valuation of growth sectors. Several industry insiders have stated that multiple factors led to the adjustment in A-shares, with short-term movements possibly taking the form of oscillations, trading time for space. However, looking long-term, index's resurgence to new highs is still seen with confidence, with the foundation of the bull market remaining unchanged. In terms of allocation, a balanced strategy may be adopted, focusing on dividends, AI, "anti-inner competition", and the concept of industry going overseas. 4. Huang Renxun Exposes Frustration Internally: Market Does Not Fully Recognize NVIDIA's Excellence Importance: Following the impact of NVIDIA's stock price "high platform diving" after the financial report release, there was a collective adjustment in the Asian markets on Friday, with well-known "AI industry chain" stocks such as Samsung Electronics, SoftBank Group, Kai X Technology, and Tokyo Electronics experiencing substantial declines. The latest news also indicates that amidst the frustrating reality of not seeing a rise in stock price after an outstanding financial report, NVIDIA's CEO Huang Renxun couldn't help but vent his frustration in an internal meeting, emphasizing that "the market does not fully recognize the incredible quarterly performance of NVIDIA". Comments: From Huang's emotional remarks, one can deeply feel his sense of helplessness and powerlessness: exploding performance but facing sell-offs, with a market value evaporating by 400 billion in just three weeks! Now, NVIDIA resembles a top student scolded for scoring 99 one point less is a bubble, one point more is still a bubble. The future depends on whether the big short-sellers are willing to give a little leniency. After all, the AI top dragon, which lost 500 billion in just one week in the "bubble" category, where else can you find a second? 5. Renowned Investor Duan Yongping Buys Tesla; Institutions: Structural Opportunities Possible in the Future of New Energy Importance: In a recent interview, Duan Yongping openly stated, "Investing in Tesla is actually making friends with Musk, I don't want to be friends with him." However, before his words could settle, he publicly announced that he bought Tesla's stock. Regarding this, Duan Yongping said, "I don't want to be friends, but I can still invest." Recently, there has been a shift in the market's attitude towards the new energy sector. Wang Hengnan, a manager at NuoDe Fund, stated that there have been frequent rotations in hotspots within the new energy vehicle industry chain, with technological upgrades and seasonal demand collectively driving sectoral strength, possibly leading to structural opportunities. Zhao Yi, a manager at Quanguo Fund, stated that the concept of "anti-inner competition" has created a favorable policy environment for the new energy sector, alleviating industry price deflation, accelerating supply and demand improvement. However, the fundamental factor still depends on demand. Comments: This is the capital version of the "truth principle", where one publicly states not wanting to be friends with Musk but buys Tesla stock anyway! However, I believe this "not targeting the individual but the event" clarity is indeed the essence of value investment. 6. North Trading Exchange's First "Ten Thousand-RMB Signature"! N Dapeng Initiates Multiple Records at the North Exchange Importance: On November 21st, N Dapeng (Dapeng Industry) made its debut on the North Trading Exchange market, closing with a 1211% increase, setting a new record for first-day gains for new stocks at the North Exchange. Calculated at 100 shares per signature, the first-day profit for the company amounted to 10,900 RMB, also setting a new record at the North Exchange. It is reported that Dapeng Industry is a manufacturer specializing in intelligent equipment production for precision cleaning in the industrial field. In this listing, the company's new price was set at 9 RMB, slightly lower than the average issuance price for new stocks at the North Exchange this year (11.65 RMB), with an issuance price-earnings ratio of 14.52 times, significantly lower than the industry price-earnings ratio (38.54 times). Due to the low issuance data and the impact of weak market speculation, Dapeng Industry attracted a massive amount of capital for a "shopping spree", with a closing increase and maximum increase of 12.11 times and 16.67 times respectively, setting new records at the North Exchange. 7. Chinese Embassy in Japan Reiterates United Nations Enemy Clause On November 21st, the Chinese Embassy in Japan posted a message on the social platform X in both Chinese and Japanese languages: "The United Nations Charter has a special enemy clause, which stipulates that any country like Germany, Italy, Japan, or any other fascist or militarist country taking any steps toward the implementation of aggression policies again, the founding member countries of the United Nations such as China, France, the Soviet Union, Britain, and the United States have the right to directly take military action against it without the authorization of the Security Council." 8. Fed's "Three Heads" Set Tone: Room Still Exists for Rate Cuts Importance: The Federal Reserve's "three heads" and President of the New York Federal Reserve, Williams, stated that with a weak labor market, he believes that there is still room for the Federal Reserve to cut interest rates again in the near future. "I believe that monetary policy is moderately restrictive, although not as much as it was before we took action recently," he said. "Therefore, I still believe there is room for further adjustments in the near future to bring the Federal funds rate target range closer to the neutral range, thereby maintaining a balance between achieving our two goals." 9. US Congressional Budget Office Substantially Lowers Expectations for Trump's Tariff Revenue On November 20th, the US Congressional Budget Office lowered its long-term fiscal surplus expectations by $1 trillion as a result of the Trump administration's tariff policies, exacerbating concerns about US borrowing needs. Statistics show that the tariff surplus is not enough to fully offset the impact of the Trump administration's tax cuts. Upon reviewing the investment opportunities that the market is focusing on, it is observed that AI applications are garnering attention. 1. Pork | Ministry of Agriculture and Rural Affairs holds executive meeting, emphasizing the strengthening of comprehensive control over pig production capacity. 2. Lithium Ore | Insider: Contemporary Amperex Technology plans to restart an important lithium mine in Yichun as early as next month. 3. Solid-State Battery | Guangzhou Automobile Group reveals the completion of a full solid-state battery trial production line, moving towards small-scale manufacturing. 4. Satellite Communication | China successfully launches Communication Technology Experiment Satellite 21. On the positive announcement side, I suggest focusing on Dajin Heavy Industry securing a large offshore wind power contract worth over?13 billion, while on the negative announcement side, pay attention to GigaDevice Semiconductor Inc. being sold off by company executives. Positive Announcements 1. Dajin Heavy Industry: signed a contract worth 13.39 billion in a European offshore wind power project, accounting for 35.41% of the company's 2024 audited revenue. 2. Shenzhen Goodix Technology: plans to repurchase company shares worth 200 million to 400 million for an employee stock ownership plan. 3. Harbin Gloria Pharmaceuticals: Guoleifeng and Tibet Yupan collectively increased their stake by 1.12%. 4. Bank Of Nanjing: BNP Paribas increased its stake in the company by 1.04%. 5. China Oil Hbp Science & Technology: won a bid for a 15.96 billion project to restore an oilfield in Iraq. Negative Announcements 1. GigaDevice Semiconductor Inc.: some directors and senior executives plan to collectively reduce their holding by 249,000 company shares. 2. Polyrocks Chemical Co., Ltd.: Under investigation by the China Securities Regulatory Commission for suspected violations of laws and regulations on information disclosure. 3. HES Technology Group: Under investigation by the China Securities Regulatory Commission for suspected violations of laws and regulations on information disclosure. 4. Juneyao Airlines: Controlling shareholder Junyao Group plans to reduce its stake by up to 3%. 5. ZHONGHUAN CO., LTD.: Shareholders Chen Liang and Mu Chaoyong plan to reduce their stakes by 1.02% and 0.24%, respectively. This article is a translation from Tencent Self-selecting shares, GMTEight Editor: Xu Wenqiang.