Pre-market report on A shares: China has launched a commercial trial of satellite Internet of Things services to support the development of commercial aerospace and other industries.

Pre-market news 1. The US government is reportedly considering allowing NVIDIA to sell H200 artificial intelligence chips to China Type: Company Sentiment impact: Positive The Trump administration is considering approving the export of American chip maker NVIDIA's H200 artificial intelligence chips to China. NVIDIA's CEO Jensen Huang has repeatedly emphasized the importance of the Chinese market. He believes that entering the Chinese market is crucial for America's competitiveness in the field of artificial intelligence. 2. Incremental funding for hard technology! 16 hard technology theme funds, involving AI, chips, etc., approved quickly Type: Industry Sentiment impact: Positive The hard technology sector is once again receiving ample ammunition! On November 21st, 7 AI ETFs for technology entrepreneurship, 3 chip ETFs for the technology innovation board, 4 chip design theme ETFs for the technology innovation board, and 2 active equity funds for technology themes were approved. It is expected that the 16 products will start fundraising soon, attracting a new influx of funds focused on investing in the technology sector. 3. Moor Threads to apply for today! Issuance price of 114.28 yuan/share, China's first GPU stock is here Type: Company Sentiment impact: Positive Moor Threads will officially launch its IPO today, marking the arrival of China's first GPU stock on the A-share market. With Moor Threads going public, the company has set five records. In addition to being the "first Chinese GPU stock" and having the fastest IPO, the company's issuance price of 114.28 yuan/share makes it the most expensive new stock of the year, with issuance fees of 424 million yuan as the top new stock of the year, and a fundraising total of about 8 billion yuan ranking first among new stocks on the technology innovation board. 4. Ukraine-US first round of Geneva talks concluded: Ukraine says significant progress made, receives positive signals from US Type: Macro Sentiment impact: Positive The first round of talks between Ukraine and the US delegation in Geneva has successfully concluded. After the talks, Ukraine said that "significant progress has been made," and President Zelensky received positive signals from the US. The US and peace plan are expected to address Ukraine's core interests, and the US Secretary of State described the talks as "productive." European leaders are formulating counter-proposals to the US plan. Investment calendar Second China International Lithium Industry Conference Investment tips Investment Tip: There is a discipline that is essential for both individuals and institutions, which can reduce 90% of the black swan risks in economic life. What we do is simply eliminate speculative debts. [Nassim Nicholas Taleb's "The Black Swan"] Institutional views 1. CITIC SEC: Current risks are being released ahead of schedule to increase A-shares/H-shares allocation at the end of the year and seize the opportunity for 2026. 2. Industrial: As the impact of overseas risks being released gradually fades away, Chinese assets are expected to see a recovery. 3. Cinda: The foundation of the bull market remains solid, and there may be a stronger style shift, focusing on undervalued value sectors. Positive and negative outlook 1. China initiates commercial satellite Internet of Things trial, supporting the development of commercial aerospace and other industries Type: Policy focus China Galaxy: The commercial satellite Internet of Things trial will drive the extension of China's commercial aerospace industry chain from upstream manufacturing to downstream applications. This means that the commercial satellite industry is about to enter a new stage of demand-side traction and supply-side support, leading to the formation of an industry closed-loop. 2. The first large-capacity all-solid-state battery production line in China has been completed, and institutions are optimistic about three major opportunities Type: Market hot topic CITIC SEC: The industrialization of solid-state batteries is accelerating. Looking ahead to 2026, large-scale use of semi-solid-state batteries in consumption, power, energy storage, and other fields is imminent. All-solid-state batteries are being validated for vehicle installation, and it is recommended to grasp investment opportunities related to batteries, materials, and equipment. 3. The domestic low-altitude economy market is expected to reach 1.5 trillion yuan by 2025 Type: Market hot topic Guotai Haitong: The low-altitude economy industry includes low-altitude infrastructure construction, aircraft manufacturing, low-altitude operation support, etc. The governance barrier is strong in the aircraft manufacturing sector, with strong policy support for eVTOL technology research and development. The standardization of aircraft manufacturing is expected to increase, and commercial production of eVTOL is expected to accelerate. Announcement Express Slightly positive announcements 1. Shanghai Nenghui Technology: Signed a contract for new energy power battery assembly, estimated total price of 100 million yuan 2. Zhejiang Zone-King Environmental Scitech Co., Ltd.: Won the bid for a soil remediation project worth 43.41 million yuan 3. Jinko Solar: Accumulated orders for component products with distributors reach 15GW for Tiger 3 Slightly negative announcements 1. Guangdong Anda Automation Solutions: Yi Zhitong plans to reduce its holding of the company's shares by no more than 2.7401% 2. Semitronix Corporation: Shareholders holding more than 5% and their concerted action persons plan to reduce their holding of the company's shares by no more than 2.2359% 3. Hynar Water Group: Anyi Deepwater plans to reduce its holding of the company's shares by no more than 1% Overseas Markets Self-selected geeks' reminder: The "dovish tone" of the Federal Reserve boosts the market, with all three major US stock indexes closing higher last Friday. Large technology stocks saw mixed performance, with NVIDIA falling by 0.96% and Google rising by 3.53%. Most popular Chinese concept stocks rose, and the NASDAQ Golden Dragon Index rose by 1.23%. This article is reproduced from Tencent Self-selected Stocks, GMTEight Editor: Chen Wenfang.