A-share Pre-market Briefing | Nasdaq 100 Index Closed Up 2.28%; Memory Chips Poised for Price Increases

Pre-market Briefing 1. AI trading enthusiasm reignited; Nasdaq 100 Index closed up 2.28% Type: Market | Sentiment impact: Positive The three major U.S. stock indices closed higher collectively on November 11. The Nasdaq 100 Index rose 2.28% and recovered all its losses since the midterm elections during intraday trading; the Nasdaq Composite rose 1.6%, the Dow rose 0.49%, and the S&P 500 rose 1.31%. CoreWeave's better-than-expected results, strong demand for Anthropic's initial public offering, and OpenAI's strong quarterly performance reignited enthusiasm for AI trading. In the memory sector, SanDisk rose more than 13%, Micron Technology rose more than 11%, and SK Hynix rose more than 9%; among AI cloud service providers, CoreWeave rose more than 24%. 2. Central Bank releases Q3 monetary policy implementation report, reiterating moderate easing Type: Macro | Sentiment impact: Positive The Central Bank released its Q3 2026 China Monetary Policy Implementation Report, proposing to consistently implement a moderately loose monetary policy, maintain ample liquidity, and align the growth of social financing and money supply with the expected targets for economic growth and the overall price level. The report proposed stepping up implementation of the two monetary policy tools supporting the capital market and making good use of the non-bank large-amount redemption swap facility in the bond market to maintain the stable operation of financial markets including stocks, bonds, and foreign exchange. The report also proposed closely monitoring monetary policy changes by major overseas central banks and continuously strengthening analysis and monitoring of liquidity supply and demand in the banking system and changes in the money market. 3. Official prices from memory manufacturers show upward trend in Q4, enterprise-grade first Type: Industry | Sentiment impact: Positive Based on feedback from multiple parties, official prices from memory manufacturers show a slight upward trend in the fourth quarter, with the models involved mainly enterprise-grade memory. Previously, market rumors said some leading memory companies had verbally informed channel distributors of their intention to raise prices for enterprise-grade chips. Consumer-grade products have not shown a clear signal of simultaneous price increases. 4. Industrial and Commercial Bank of China's private placement application approved by Shanghai Stock Exchange Type: Company | Sentiment impact: Positive Industrial and Commercial Bank of China announced that on November 11 it received an review opinion issued by the Shanghai Stock Exchange, confirming that its application to issue A-shares to specific targets meets the issuance conditions, listing conditions, and information disclosure requirements. The matter still requires registration approval from the CSRC before implementation. Whether registration approval will ultimately be obtained and the timing remain uncertain. Investment Calendar November 12: Baidu World 2026 to be held Institutional Views 1. CITIC SEC: The central bank's monetary policy report continues the moderately loose tone; this round of policy strengthening may have come to an end, with one rate cut expected in 2027. 2. Guotai Haitong: The bottom of the coal sector was established in 2025; supply and demand will tighten in 2026 and coal prices will rise; stick with dividend leaders over the next six months. 3. Huafu Securities: U.S. October CPI and core CPI both exceeded expectations on a month-on-month basis, with demand-driven inflationary pressure rising. Positive/Negative Outlook 1. Accelerated large-model iteration; Siasun Robot&Automation scenario deployment speeds up Type: Market discussion Guotou Securities: GPT-6 Astra and Claude's new models significantly raise the upper limit of embodied intelligence capabilities; overseas players are accelerating their entry, and Siasun Robot&Automation scenario deployment is speeding up. 2. Bond ETFs see net inflows exceeding RMB55 billion in October, scale hits new high Type: Institutional commentary Huayuan Securities: Bond ETFs saw net inflows of RMB55.68 billion in October, with their share of the entire ETF market rising to 22.0%; it is expected that the 30-year government bond yield may trend below 2.0% within the year. 3. IBM releases next-generation quantum processor; industry at a key inflection point toward industrialization Type: Market discussion Nine O'Clock Special: IBM released the Nighthawk r3 quantum processor and plans to achieve a system exceeding 1,000 qubits by 2027; the industry is at a key inflection point in moving from the laboratory to industrialization. Announcement Briefs Positive announcements 1. China CSSC: Subsidiaries signed construction contracts for 20 307,000-tonne VLCC crude oil tankers, with a total contract value of RMB17.218 billion 2. Hangzhou Landscape Architecture Design Institute: Controlled subsidiary Hangwei Tiansuan signed a GPU procurement contract to purchase a total of 30,000 NVIDIA RTX PRO 5500 BLACKWELL units 3. Runa Smart Equipment: Won the bid for the wired balancing valve pipe section procurement and services for Urumqi's 2026 heating metering and energy-saving renovation project, with a bid price of RMB202 million Negative announcements 1. Suzhou Hesheng Special Material: Terminated the 2026 simplified-procedure issuance of shares to specific targets 2. Jinhong Holding Group: Lianhe Credit Rating terminated the credit rating of the company and related bonds 3. Zetta Group: Terminated the coal mine low-concentration gas (ventilation air methane) destruction and waste heat comprehensive utilization project Overseas Markets The three major U.S. stock indices closed higher, with the Nasdaq up 1.6%, the Dow up 0.49%, and the S&P 500 up 1.31%; CoreWeave's better-than-expected results, strong demand for Anthropic's IPO, and OpenAI's strong performance reignited enthusiasm for AI trading. The memory sector led gains, with SanDisk up more than 13%, Micron up more than 11%, and SK Hynix up more than 9%. The Livermore China Concept Stock Leaders Index rose 0.71%, iQIYI rose more than 9%, and NTES fell more than 4%. WTI crude closed up 0.57% at US$86.53/barrel, and Brent rose 1.39% at US$92.76/barrel.