A-share market closing review | Index rebounded with heavy volume! The Shanghai Composite Index recaptured the 3900 level in one go, and chip stocks surged limit-up.

Today, the market rebounded with high volume, and the Shanghai Composite Index reclaimed the 3900-point mark. Hot topics continued to rotate, with AI phones, chips, non-ferrous metals, and film and television sectors taking turns to be active. The market's total turnover reached 1.8 trillion for the day, nearly 300 billion more than the previous trading day, with nearly 3400 stocks rising in both markets. In terms of the market, the AI phone concept surged strongly, with stocks like ZTE Corporation and Avary Holding hitting the limit up. In terms of news, ByteDance's Bean Team released a technology preview of the Bean Phone Assistant. The Bean Phone Assistant is an AI assistant software that works with smartphone manufacturers at the operating system level based on the Bean APP. Currently, developers and tech enthusiasts can experience the technology preview of the Bean Phone Assistant on the engineering prototype Nubia M153, which was developed in cooperation with ZTE. The semiconductor and chip sectors continued to rise in the afternoon, with stocks like Ingenic Semiconductor and Anhui Coreach Technology Co., Ltd hitting the limit up. In terms of news, data from the Ministry of Industry and Information Technology showed that in the first 10 months, the value added of the electronic information manufacturing industry above a designated scale increased by 10.6% year-on-year, with growth rates 4.5 and 1.3 percentage points higher than the same period in the industrial and high-tech manufacturing sectors, demonstrating strong industrial resilience and vitality. The film and television sector showed active performance, with the leading company China Film Group hitting a two-day trading halt. In terms of news, as of November 30, the cumulative box office of "Zootopia 2" had exceeded 19.2 billion yuan, surpassing the previous record of 15.4 billion yuan set by the first film in mainland China, and refreshingly setting a new record at an alarming rate. Zhongtai believes that this year is a big year for animated films, and the film industry is experiencing improvements in supply and structure. In other hot topics, the ice and snow industry saw strong movement, with Bingshan Refrigeration & Heat Transfer Technologies hitting the limit up; the photolithography and photoresist concept showed strong movement, with Shenzhen Rongda Photosensitive & Technology hitting the limit momentarily; the shipping sector oscillated and strengthened, with China Merchants Energy Shipping hitting the limit briefly; while the agriculture, Hainan Free Trade Zone, and liquor sectors performed poorly. In terms of individual stocks, there were 3398 gainers in both markets, with 1872 decliners and 184 unchanged. There were a total of 76 limit up stocks and 8 limit down stocks. At the close, the Shanghai Composite Index rose by 0.65% to 3914.01 points, with a turnover of 785.7 billion yuan; the Shenzhen Component Index rose by 1.25% to 13146.72 points, with a turnover of 108.83 billion yuan. The ChiNext Index rose by 1.31% to 3092.50 points. Capital Trends Today, the main funds focused on communication equipment, industrial metals, and semiconductor sectors, with the top net inflows of leading stocks including ZTE Corporation, Zijin Mining Group, and Fibocom Wireless Inc. News Review 1. Beijing: Strengthen the coordinated construction of "AI + government service" and enhance the top-level design in the government field The "Beijing Comprehensive Deepening of 'Online Government Services' and Promotion of the Digital Development Action Plan for Government Services (2026-2027)" is open for public comments. It mentioned strengthening the coordinated construction of "AI + government services" and enhancing the top-level design in the government field, building a model matrix support for applications, a central data hub for large models, and a platform for application evaluation and management of large models. It integrates intelligent services in government services and decision support areas, enhances the construction of high-quality digital government data sets, integrates computing resources for government processes across the region, promotes collaborative development. It formulates management measures for the construction of AI large-scale models in the government field and model selection guidelines, strengthens demand assessment, project review, intensive construction, online operation, and the full process management of large-scale model applications, improves the evaluation and monitoring mechanisms for large-scale model applications, and steadily promotes the application of large models in the government service field. 2. ByteDance responds to cooperation with ZTE phone: No self-developed phone plan, releases technology preview of phone assistant On December 1st, ByteDance stated to Yicai that the Bean Team released a technology preview of the Bean Phone Assistant, which is an AI assistant software that works with smartphone manufacturers at the operating system level based on the Bean APP. Bean is currently in talks with multiple smartphone manufacturers for assistant cooperation, and does not have plans to develop its own phone. Currently, the only officially disclosed phone cooperation manufacturer is ZTE. 3. Liaoning's "15th Five-Year Plan" proposal: Implement a new round of state-owned enterprise reform action over three years The Liaoning Provincial Committee of the Communist Party of China issued a proposal for formulating the 15th Five-Year Plan for the National Economy and Social Development of Liaoning Province. It mentioned the implementation of a new three-year action plan for state-owned enterprise reform, to strengthen, optimize, and expand state-owned enterprises and state-owned capital. It will coordinate the integration of resources of provincial and municipal state-owned enterprises, continue to increase investment in emerging industries, enhance the core functions of local state-owned enterprises, and improve their core competitiveness. It will optimize the supervision of state-owned assets and improve the classification assessment and evaluation system. It will improve the long-term cooperation mechanism with central enterprises, innovate cooperation models, attract central enterprises to establish regional headquarters, branches, subsidiaries, and other branch institutions in Liaoning, and promote the integration of central and local innovation chains, industrial chains, supply chains, and talent chains. Market Analysis 1. CITIC SEC: The market is showing characteristics of a slow bull, waiting for internal changes to open up opportunities CITIC SEC believes that the market is showing characteristics of a slow bull, with the main wide-based volatility decreasing, pullbacks and Sharpe ratios better than before; but the subjective improvement of the bull side is relatively limited, it has continued to lag behind quantitative strategies this year, slightly outperforming the WINDA A Index, while the timing effect has significantly weakened. Breaking the deadlock can only be a major fundamental change that exceeds expectations. This year has been about external demand and going abroad, but in the future, significant changes in internal demand may be needed to open up market heights. Before the appearance of changes that exceed expectations, continuing the re-evaluation of pricing power in the resource/traditional manufacturing industry and the expansion of the two directions of corporate going abroad is recommended. 2. China Securities Co.,Ltd.: Timing for layout, preparing for the year-end market China Securities Co.,Ltd. believes that although the market may still experience short-term volatility, any dip could be a better layout opportunity. In the short term, the focus at the strategy level is on timing for layout and preparing for the end-of-year market. Focus on the Federal Reserve interest rate meeting after December 10 and the Central Economic Work Conference, consider adding positions or timing the layout before the meeting starts, pay attention to the support of the semi-annual line and the market's trading volume. The main reasons for the year-end market are: the spring trend is anticipated to be early, the Federal Reserve's expected rate cut is expected to provide confirmation of liquidity improvement, the policy expectations of the start of the "15th Five-Year Plan" year, and similarity with the year-end market in December 2020. 3. Huaan: Continued oscillations, waiting for new opportunities The general tone of the Central Economic Work Conference is expected to roughly meet expectations, the Federal Reserve is expected to take a hawkish interest rate cut, within market expectations, there may be a marginal withdrawal of micro-liquidity, economic fundamentals continue to slow down, and the market continues to oscillate at high levels. In terms of allocation, industry rotation may accelerate, posing a greater challenge to grasping opportunities, so laying out the next stage of the market may be a better choice, with the core mainline position in the AI industry chain remaining unchanged, and recent adjustments providing a good opportunity for layout. In addition, attention should be paid to areas with dual vibrations in supply and demand, and upward trends in prosperity, including the storage and energy chain.