A-Share Market Open Snapshot | All Three Major Indices Open Lower; Precious Metals and Solar Buck the Trend

Opening Data On November 5, the Shanghai Composite Index opened 1.07% lower at 3,646.57 points, the Shenzhen Component Index opened 1.05% lower at 11,216.81 points, and the ChiNext Index opened 2.00% lower at 2,493.73 points. The STAR 50 opened 2.33% lower at 1,236.01 points. As of 9:32, a total of 3,319 stocks in the Shanghai and Shenzhen markets were up, 1,980 were down, and 279 were flat. Top gainers: precious metals, solar equipment, aviation and airports, advertising and marketing, decoration and furnishing, etc.; top decliners: components, communications equipment, petroleum and petrochemicals, coal mining, Siasun Robot&Automation actuators, CPO concept, etc. Market Overview After all three major indices opened lower collectively, they quickly rebounded, with current declines all narrower than at the open. As of 9:32, the Shanghai Composite stood at 3,652.72 points, down 0.91%; the Shenzhen Component at 11,276.07 points, down 0.53%; the ChiNext Index at 2,509.30 points, down 1.39%; and the STAR 50 at 1,249.49 points, down 1.26%. Structural divergence was evident: the precious metals sector led gains, driven by overnight gold prices rising more than 3%, while solar equipment, aviation and airports, and advertising and marketing also strengthened in tandem; components, communications equipment, Siasun Robot&Automation actuators, and the CPO concept moved lower, the semiconductor sector quickly rebounded to near flat after opening lower, and the computing power hardware chain continued to absorb pressure from the overnight decline in the Philadelphia Semiconductor Index. Across the market, 3,319 stocks rose and 1,980 fell, with 14 hitting the daily limit up and 0 hitting the limit down, as the indices stayed in the red while more individual stocks rose than fell. Overnight News at a Glance All three major U.S. indices rose together: after Democrats retook both the Senate and the House in the U.S. midterm elections, the Dow rose 3.03% to 53,356.12 points, the S&P 500 rose 1.58%, and the Nasdaq rose 1.44%, led by technology giants; however, AI infrastructure stocks were hit by concentrated selling, and the Philadelphia Semiconductor Index fell 3.13% to 10,268.66 points, the lowest close since April 28. The interest rate on relending for share buybacks and increased holdings was cut to 1%: on November 4, the central bank lowered the rate on this tool by 0.25 percentage points, expanded eligible institutions to 21 nationwide banks and 5 systemically important city commercial banks, and banks have already applied for quotas exceeding RMB200 billion; on November 5, it conducted RMB300 billion of 3-month (91-day) outright reverse repos through fixed-quantity, rate-based bidding with multiple-price allotment. Since RMB500 billion of tools with the same tenor matured during the month, this was a reduced-volume rollover, resulting in a net withdrawal of RMB200 billion. International oil prices plunged in a single day: the market bet on de-escalation of the Middle East conflict, with the WTI December contract falling 8.29% to US$88.12 and the Brent January contract falling 8.67% to US$94.62, both hitting two-month lows; COMEX gold futures rose 3.34% to US$4,072.2. Trend Assessment External signals were mixed. The three major U.S. indices closed sharply higher as the midterm election results landed, with the Dow posting its largest single-day gain since April 2025, but the AI infrastructure chain was sold off heavily, and the Philadelphia Semiconductor Index closed at its lowest since April 28. This divergence mapped directly onto the open, with A-share computing power hardware, storage, and optical module segments coming under pressure. On the domestic policy side, there was structural strengthening, with the interest rate on relending for share buybacks and increased holdings cut to 1% and eligible institutions expanded; in terms of aggregate liquidity, however, conditions tightened, as the RMB300 billion of 3-month outright reverse repos on November 5 was a reduced-volume rollover against RMB500 billion maturing during the month, resulting in a net withdrawal of RMB200 billion. After the previous trading day's high-volume rally, short-term profit-taking and external hardware pressure existed simultaneously.