A-share Market Close | ChiNext Index Rises 3.11%, Computing Power Hardware Stocks Surge Collectively

On November 11, the three major A-share indices opened lower collectively, then fluctuated upward and accelerated in the afternoon, closing all in positive territory. The Shanghai Composite Index closed at 3,680.64 points, up 0.46%; the Shenzhen Component Index closed at 11,389.74 points, up 1.32%; the ChiNext Index closed at 2,572.07 points, up 3.11%; the STAR 50 closed at 1,300.38 points, up 2.80%; the BSE 50 closed at 923.31 points, up 2.30%. Turnover across the Shanghai and Shenzhen markets totaled RMB1.676276 trillion, an increase of RMB171.461 billion from the previous trading day. Across the entire market, 3,538 stocks rose, 1,827 fell, and 215 were flat, with 85 hitting the daily limit-up and 3 hitting the limit-down; advancing stocks accounted for 63%. By sector, communications equipment, components, glass and fiberglass, semiconductors, and non-metallic materials led the gains; baijiu II, aviation and airports, beverages and dairy products, and photovoltaic equipment led the declines. Drivers On the day, the Shanghai and Shenzhen main boards and the STAR/ChiNext boards rose in sync, with clear structural divergence: the communications equipment sector rose 9.99%, components rose 7.40%, and semiconductors rose 3.60%, while the ChiNext Index and STAR 50 rose 3.11% and 2.80%, respectively; meanwhile, banks and insurance II fell 0.67% and 1.06%, respectively, and baijiu II fell 2.78%. On the news front, Microsoft is lobbying the Trump administration to abandon plans to restrict imports of new-model Chinese optical transceivers; the U.S. Information Technology Industry Council had previously written to the U.S. Federal Communications Commission requesting that optical transceivers not be included on trade restriction lists. Cig Shanghai said at its third-quarter results briefing held on November 9 that the company has ample orders on hand, plans to expand annual capacity for high-speed optical module products by at least another 10 million units before the end of 2027, and stated that market rumors of "orders from a major North American customer being cut" are inconsistent with the company's actual operating conditions. On November 10, Ant Lingbo Technology open-sourced the tactile foundation model LingBot-Touch, which was pre-trained on nearly 5,000 hours of real tactile data; on November 11, multiple Siasun Robot&Automation-related stocks hit consecutive limit-ups. On the baijiu front, Sina Finance's "Liquor Price Internal Reference" data for November 11 showed that the average terminal retail price of the 12 major single products tracked rose for three, fell for eight, and was flat for one, with the price level hitting a nearly two-month low; Kweichow Moutai said at its third-quarter results briefing on November 10 that the industry remains in deep adjustment. Hot sectors 1. [Computing power hardware] The communications equipment sector rose 9.99%, ranking first among industry gainers in the two markets, led by the CPO and optical chip segments. Yuanjie Semiconductor Technology and Shenzhen Zesum Technology both recorded 20CM limit-ups; Accelink Technologies, Suzhou Dongshan Precision Manufacturing, and Yangtze Optical Fibre and Cable Joint Stock hit the limit-up; Eoptolink Technology Inc. rose 16.97%, T&S Communications rose 17.05%, and Zhongji Innolight rose 15.07%. Catalysts came from a Reuters report that Microsoft is lobbying the U.S. side to abandon restrictions on imports of Chinese optical transceivers, and from Cig Shanghai's disclosure that it will expand annual capacity for high-speed optical modules by at least another 10 million units before the end of 2027. 2. [PCB and upstream materials] The components sector rose 7.40%, and the copper-clad laminate concept rose 5.74%. Wus Printed Circuit, Shennan Circuits, and Shenzhen Kinwong Electronic hit the limit-up; Aoshikang Technology posted its second limit-up in three days; Shengyi Technology rose 8.39% and China Jushi Co., Ltd rose 5.42%. Upstream segments of the supply chain strengthened in tandem, with the glass and fiberglass sector rising 4.58% on the day. 3. [Siasun Robot&Automation] The automation equipment sector rose 2.66%, and the Siasun Robot&Automation concept was repeatedly active. Reach Machinery and Fuxin Dare Automotive Parts both recorded 20CM limit-ups; Changzhou Nrb Corporation and Zhejiang Fenglong Electric posted three consecutive limit-ups; Zhejiang Fulai New Material hit the limit-up and continued to set a new all-time high; Zhejiang RIFA Precision Machinery, Hanwang Technology, and Ningbo Donly hit the limit-up. Catalysts were Ant Lingbo Technology's open-sourcing of the tactile foundation model LingBot-Touch on November 10, and the establishment of the embodied intelligence data standards drafting working group on the same day at the National Data Standardization Technical Committee's "Standards Week" event. Declining sectors The baijiu II sector fell 2.78%, among the biggest decliners among industry sectors in the two markets; the sector had risen 9.47% cumulatively from October 29 to November 3, and then retreated 5.13% cumulatively through November 11. Gansu Huangtai Wine-Marketing Industry fell 5.24%, Jiangsu King's Luck Brewery Joint-Stock fell 5.01%, Anhui Gujing Distillery fell 4.39%, Shanxi Xinghuacun Fen Wine Factory fell 4.15%, Luzhou Laojiao fell 3.75%, and Kweichow Moutai fell 2.55%. On the news front, "Liquor Price Internal Reference" data showed that the average terminal retail price of the 12 major single products rose for three, fell for eight, and was flat for one, with the price level hitting a nearly two-month low; among them, the average retail price of Feitian Moutai fell RMB3 to RMB1,770. Kweichow Moutai said at its third-quarter results briefing on November 10 that the baijiu industry remains in deep adjustment, and that the trends of weak consumer demand and reduced consumption occasions have not fundamentally changed. In addition, the aviation and airports sector fell 1.84% on the day after rising 9.71% cumulatively from October 28 to November 10; photovoltaic equipment and beverages and dairy products each fell 1.45%; the major financials segment also pulled back in tandem, with insurance II and banks falling 1.06% and 0.67%, respectively.