A-share Evening Highlights | Jensen Huang Resigns as NVIDIA CEO; Spot Gold Plunges 3%

Evening Highlights 1. Jensen Huang Resigns as NVIDIA President, CEO and Director; NVIDIA Opens Down 13% Importance: According to Sina Finance and Cailian Press, the NVIDIA board announced on November 12 that Jensen Huang has resigned as President, Chief Executive Officer and Director, effective immediately. Current Executive Vice President and Chief Financial Officer Colette Kress has been appointed Interim Chief Executive Officer, and the board has also appointed Harvey C. Jones as the company's first-ever Chairman. Kress stated that the company will continue to build on the solid foundation laid by Huang over the past 33 years, and that company operations, customer commitments and the product roadmap will all continue to advance without interruption. Affected by this, at the U.S. stock market open on November 12, NVIDIA shares plunged 13%, with market value evaporating by more than US$500 billion; during intraday trading it fell nearly 14% at one point, with market value evaporating by nearly US$600 billion, before the decline narrowed to around 7%. U.S. chip stocks fell broadly: Marvell Technology fell 6.1%, ARM fell 4.9%, Intel fell 4.3%, Micron fell 4.2%, TSMC fell nearly 5%, and U.S.-listed SK Hynix fell 5.1%; Broadcom bucked the trend and opened up 4.2%, while AMD rose 3%. AI cloud computing stocks slumped, with CoreWeave down 16.6%, IREN down 11%, and the Roundhill Neocloud ETF down 14%. Separately, according to Sina Finance, the U.S. House Foreign Affairs Committee is negotiating with Jensen Huang on the date and location for him to testify before Congress; Representative Moolenaar said that if the talks cannot take place, a subpoena will be used; Senator Warren said that Huang's resignation does not absolve him of liability. Musk said on social media: If I could hire Jensen Huang, it would be my honor. 2. A-shares Rally Then Pull Back; ChiNext Index Falls 2.44%; Gas and Baijiu Buck the Trend Importance: According to Xinhua Finance, on November 12 the three major A-share indices rallied then pulled back, with the Shanghai Composite closing slightly lower, while the ChiNext Index had earlier risen nearly 2% before closing down more than 2%. As of the close, the Shanghai Composite Index reported 3655.83 points, down 0.67%; the Shenzhen Component Index reported 11197.98 points, down 1.68%; the ChiNext Index reported 2509.43 points, down 2.44%; and the STAR Composite Index reported 1559.14 points, down 0.35%. Turnover in the Shanghai and Shenzhen markets was RMB1.932082 trillion, an increase of about RMB255.8 billion from the previous trading day. Across the market, 875 stocks rose and 4,635 fell, with 37 hitting the daily limit up and 5 hitting the daily limit down. On the board, sectors including gas, baijiu, livestock breeding, CSSC-related stocks, prepared dishes and ordnance restructuring led the gains, with Xinjiang East Universe Gas up for a fourth consecutive limit and Xinjiang Hongtong Natural Gas at the daily limit; computing power chips rallied intraday, with Ningbo TIP Rubber Technology up for a third consecutive limit, Cambricon up more than 8%, and Enflame Technology up more than 13% to a new high since listing. On the downside, sectors including precious metals, gaming, film and cinema lines, AI video and humanoid Siasun Robot&Automation led the declines; the AI comic-drama concept slumped, with Shanghai Film at the daily limit down. According to Securities Daily statistics, among Shenwan Level-1 industries, only agriculture, forestry, animal husbandry and fishery, food and beverage, and banking rose, up 0.45%, 0.38% and 0.36% respectively; media, non-ferrous metals and communications led the declines, down 3.28%, 3.01% and 3.01% respectively. 3. CSRC: Medium- and Long-Term Funds Have Net Bought More Than RMB600 Billion of A-Shares Since the Start of the Year; Buyback Scale Hits Record High Importance: According to Xinhua Finance, a relevant official of the CSRC said on November 12 at the 2026 Shanghai Stock Exchange Global Investors Conference that in recent years comprehensive reform of capital market investment and financing has continued to advance, with the STAR Market "1+6" reform, the "M&A Six Measures," deepening reform of ChiNext, and refinancing optimization policies successively implemented; the scale and proportion of medium- and long-term funds such as social security, annuities and insurance entering the market have steadily increased, with net purchases of A-shares exceeding RMB600 billion since the start of the year. Since the beginning of this year, the scale of listed company dividends and buybacks has exceeded the amount of IPOs and refinancing, and the amount of newly disclosed buyback plans, actual buyback amounts, and buyback cancellation amounts and their proportion have all hit record highs. On the same day, the CSRC said it is publicly soliciting opinions on the "Guiding Opinions on Advance Compensation in the Securities Market," planning to further refine the procedural arrangements for advance compensation and provide more diverse mechanisms and channels for the intensive and efficient resolution of securities mass disputes. Shanghai Stock Exchange Chairman Qiu Yong said that the exchange will continue to enrich the supply of investment-side products, strive to build a market environment suited to medium- and long-term funds, and continue to enhance the attractiveness of Chinese assets to global investors. 4. Spot Gold Plunges 3%; Silver Falls Below US$50; Bitcoin Drops to US$72,000 Importance: According to Cailian Press, on the evening of November 12, intraday losses in spot gold widened to 3%, at US$3,867.19/oz; spot silver fell below US$50/oz, down 3.21% intraday. Bitcoin fell to US$72,000, down 2.2% over the past 24 hours. U.S. 2- to 5-year Treasury yields rose by at least 10 basis points on the day. The three major U.S. indices opened mixed, with the Dow up 0.11%, the S&P 500 down 0.77%, and the Nasdaq Composite down 1.51%; the Philadelphia Semiconductor Index opened down 3.6%, and the semiconductor ETF fell 3.74% to lead declines among sector ETFs. Most Chinese concept stocks fell, with the Nasdaq Golden Dragon China Index down more than 3%; Alibaba fell as much as 7.5% at one point to a new low since June, and BOSS Zhipin fell more than 20%. 5. Refined Oil Prices Cut for the Sixth Time This Year; Gasoline and Diesel to Fall by RMB645 and RMB625 per Tonne Respectively from 24:00 on the 12th Importance: The National Development and Reform Commission announced on November 12 that, effective 24:00 on November 12, domestic gasoline and diesel (standard products) prices will be lowered by RMB645 and RMB625 per tonne respectively, equivalent to declines of RMB0.51 and RMB0.54 per liter for 92-octane gasoline and 0-diesel respectively; filling a tank of a private car will cost about RMB26 less. After this adjustment, domestic refined oil price adjustments in 2026 show a pattern of "fourteen increases, six decreases and two strandings"; the next price adjustment window will open at 24:00 on November 26. 6. OpenAI Completes US$15 Billion Financing at a US$1.25 Trillion Valuation Importance: According to Cailian Press and Sina Finance, OpenAI completed US$15 billion in financing at a US$1.25 trillion valuation. Separately, according to a Bank of America research report on November 12 cited by Cailian Press, as AI applications accelerate toward agentic AI, the bank raised its 2030 global server CPU potential market size forecast from about US$210 billion to more than US$240 billion, and believes AMD is expected to be a major beneficiary. 7. U.S. October Existing Home Sales Fall to Lowest Level Since 2010 Importance: According to Cailian Press, U.S. October existing home sales totaled an annualized 3.75 million units, versus expectations of 3.85 million, with the previous reading revised to 3.97 million from 3.99 million; existing home sales fell to the lowest level since 2010. Opportunity Outlook GMTEight sorts the sectors with the highest attention on the day and their catalyst events. 1. Solid-state batteries: Gotion High-Tech said on an interactive platform that its all-solid-state pilot line is operating stably, with the yield rate of off-line cells reaching 90%; work on the 2GWh all-solid-state mass production line has started, and equipment orders will be implemented in batches according to verification results and project pace. 2. Liquid cooling: Lingyi Itech plans to inject RMB816 million in capital into its liquid cooling subsidiary Liminda, raising its shareholding to 51%. 3. Electrolyte: Guangzhou Tinci Materials Technology plans to invest no more than RMB5 billion to build a project with an annual capacity of 500,000 tonnes of electrolyte and supporting materials. 4. Chiplet packaging and testing: Hefei Chipmore Technology plans to issue convertible bonds to raise no more than RMB2 billion, for a multi-chip heterogeneous integration packaging and testing technology project. 5. Vacuum coating equipment: Anhui Landun Photoelectron plans to acquire 100% equity of vacuum coating equipment maker Lanchuang Technology for RMB1.35 billion; its coating equipment and processes are mainly used to produce core optical components such as filters and coated lenses. Among these, the upward shift in the price center of strategic metals has drawn institutional attention. A China Securities Co.,Ltd. research report shows that the upward cycle of the technology Kondratieff wave opens long-term demand space for emerging industries, and combined with continued intensification of global resource competition and the naturally strong rigid supply constraints of strategic metals, the price centers of strategic metals represented by molybdenum, tin, tungsten, tantalum, uranium and rhenium have continued to shift upward in recent years. On the day, the Shenwan non-ferrous metals sector fell 3.01%, ranking among the top decliners; institutions believe the allocation window after the pullback is worth tracking. Announcement Highlights Positive Announcements 1. Hua Hong Grace Semiconductor: plans to repurchase RMB300 millionRMB500 million of shares, all to be cancelled 2. Hunan Friendship & Apollo Commercial: the matter of issuing shares and paying cash to acquire 100% equity of Shangyangtong has passed Shenzhen Stock Exchange review 3. Guangzhou Tinci Materials Technology: plans to invest no more than RMB5 billion to build a project with an annual capacity of 500,000 tonnes of electrolyte and supporting materials 4. HCIG Energy Investment: wins 22% equity of Three Gorges Mengneng for RMB681 million, achieving an equity investment in the Kubuqi base project 5. Guizhou Qianyuan Power: GuoShenZhen New Industries Biomedical Engineering Capital recently increased its stake by 1%, and plans to increase holdings by no fewer than 6 million shares Negative Announcements 1. Zhejiang Entive Smart Kitchen Appliance: the tax-inclusive total amount of a subsidiary's computing power resource service contract is adjusted to RMB780 million from RMB1.106 billion 2. Hainan Drinda New Energy Technology: terminates the Oman project for an annual 5GW high-efficiency cell production base 3. Xiangyang Automobile Bearing: the current company share price trend has deviated from its operating fundamentals 4. Kingfore Energy Group: the actual controller and persons acting in concert terminate the transfer of 10.46% of the company's shares 5. Shandong Sinobioway Biomedicine: plans to list and transfer subsidiary equity and two drug technologies for a total of RMB559 million Tomorrow's Watch Watch tomorrow (November 13): China's October financial data (total social financing, new RMB loans, M2) may be released; euro area third-quarter GDP (18:00); U.S. October PPI (21:30). On restricted share unlocks, China Post Technology will have 66,471,100 shares unlocked, accounting for 48.88% of total share capital; Yuan Long Ping High-Tech Agriculture will have 152 million shares unlocked, with a market value of about RMB1.209 billion, accounting for 10.38% of total share capital. In addition, Ningxia Younglight Chemicals will be suspended from trading from the market open on November 13 and is expected to resume no later than November 20. Relevant arrangements are subject to exchange and company announcements.