A-share Pre-market Report | Nvidia CEO Jensen Huang Resigns; Nasdaq Closes Down 0.39%

Pre-market Highlights 1. Nvidia CEO Jensen Huang Resigns; Nasdaq Closes Down 0.39% Type: Market | Sentiment Impact: Negative The three major U.S. stock indices closed lower collectively on November 12, with the Nasdaq down 0.39%, the Dow down 0.36%, and the S&P 500 down 0.35%. Nvidia's board of directors has approved Jensen Huang's resignation as the company's president, chief executive officer, and director, effective immediately. CFO Colette Kress will serve as interim CEO, and the board will initiate the process of selecting a new CEO. Nvidia closed down 4.34%, with its market value evaporating US$182 billion in a single day. Its GPU competitors Broadcom and AMD rose more than 5%, while SanDisk fell 4.1%. Citigroup, Wells Fargo, and several other investment banks lowered their target prices for Nvidia, with the lowest target at US$186. 2. Domestic Gasoline and Diesel Prices Cut by RMB645 and RMB625 per Tonne Type: Macro | Sentiment Impact: Neutral The National Development and Reform Commission announced that, effective 24:00 on November 12, the prices of domestic gasoline and diesel (standard products) will be reduced by RMB645 and RMB625 per tonne, respectively. Nationwide on average, the prices of 92-octane gasoline, 95-octane gasoline, and 0# diesel will be reduced by RMB0.51, RMB0.54, and RMB0.53 per liter, respectively. For car owners using 92-octane gasoline, filling a 50-liter tank will cost RMB25.5 less. The NDRC said the price adjustment was due to the oscillating decline in international crude oil prices, with the average price over the 10 working days before this adjustment lower than the level before the previous adjustment. 3. Electronic Cloth Supply and Demand Both Tight; Prices May Continue to Rise in the Short Term Type: Industry | Sentiment Impact: Positive Driven by the growth in AI computing power demand, the market for electronic cloth, an upstream material for PCBs, is heating up. A Cailian Press reporter learned from interviews that supply-demand mismatch is the dominant factor behind this round of electronic cloth price increases. The industry is showing a "dual-tight" pattern of "a gap in conventional cloth + severe shortage of specialty cloth." Coupled with the difficulty of ramping up new capacity in the short term, electronic cloth prices are expected to continue rising in the near term. Categories such as ultra-thin and low-dielectric specialty cloth are in short supply with inventories at critical levels, and listed companies across the industrial chain are stepping up of new capacity. 4. Semiconductor Manufacturing International Corporation Q3 Net Profit Up 87.6% Year-on-Year Type: Company | Sentiment Impact: Positive Semiconductor Manufacturing International Corporation announced that in the third quarter it achieved operating revenue of RMB21.983 billion, up 28.1% year-on-year; net profit attributable to shareholders of the listed company was RMB2.847 billion, up 87.6% year-on-year. Third-quarter sales revenue was US$3.19 billion, up 6.1% quarter-on-quarter, with a gross margin of 29.9%, up 4.6 percentage points quarter-on-quarter. The company expects fourth-quarter revenue to grow 4%-6% quarter-on-quarter, with a gross margin guidance of 26%-28%. The change in performance was mainly due to a year-on-year increase in wafer shipments, higher capacity utilization, and changes in product mix. Third-quarter monthly capacity increased to 1,116,800 wafers. Investment Calendar November 13November 15: 2026 Hi-Tech Fair The 28th China International High-Tech Achievements Fair Institutional Views 1. CITIC SEC: The management shake-up at Nvidia may trigger a revaluation of the AI industrial chain; the medium-term trend still depends on the evolution of earnings fundamentals. 2. Huayuan Securities: The PPI upturn is imported inflation; disturbances to the bond market may be weaker than in the previous period, and the 30Y government bond yield may break 2.0% within the year. 3. Huafu Securities: The interest rate on newly issued loans in the third quarter was 3.03%, continuing at a low level; the policy focus is on unblocking the flow of funds rather than aggregate expansion. Positive and Negative Outlook 1. Overseas Chipmakers Lock Up Domestic Indium Phosphide Substrate Capacity with Long-Term Contracts Type: Institutional Hot Comment Huafu Securities: Coherent and AOI have locked up domestic 4-inch and 6-inch substrate capacity with multi-year long-term contracts. The way substrate scarcity is realized has shifted from spot pricing to long-term contract locking. 2. Huawei Cloud Releases First Ascend-Native Embodied World Model Type: Market Hot Discussion Nine O'Clock Special: Huawei Cloud announced its first Ascend-native embodied world model, while Google simultaneously released its AI glasses Intelligent Eyewear, priced from US$395. 3. Chengdu Olymvax Biopharmaceuticals Inc Staphylococcus Aureus Vaccine Phase III Results Positive Type: Institutional Hot Comment Guotou Securities: Chengdu Olymvax Biopharmaceuticals Inc achieved steady revenue growth in 2026Q13, with positive Phase III clinical results for its Staphylococcus aureus vaccine. Announcement Briefs Positive Announcements 1. Guangzhou Tinci Materials Technology: Subsidiary plans to use self-raised funds of no more than RMB5 billion to build an annual production project of 500,000 tonnes of electrolyte and supporting materials, with a construction period of 24 months. 2. Hua Hong Grace Semiconductor: Plans to repurchase shares for RMB300 million to RMB500 million, with a repurchase price of no more than RMB255.55 per share, all to be cancelled. 3. Suzhou TFC Optical Communication: Plans to repurchase shares for RMB100 million to RMB150 million for cancellation, with a repurchase price of no more than RMB350 per share. Negative Announcements 1. Shenyang Cuihua Gold and Silver Jewelry: The company's shares will be delisted and removed from trading. 2. Sichuan Xinjinlu Group: Termination of the implementation of the 2026 stock option and restricted stock incentive plan. 3. Shenzhen Quanxinhao: Shareholder holding more than 5% reduced holdings, touching the 1% integer multiple threshold. Overseas Markets The three major U.S. stock indices closed lower collectively, with the Nasdaq down 0.39%, the Dow down 0.36%, and the S&P 500 down 0.35%. Nvidia CEO Jensen Huang's resignation triggered a selloff in chip stocks; Nvidia fell 4.34%, with its market value evaporating US$182 billion in a single day, while its competitors Broadcom and AMD rose more than 5%. The Livermore China Concept Stock Leaders Index closed down 3%, with iQIYI and Alibaba down more than 7% and NIO down more than 6%. WTI crude oil closed up 2.55% at US$88.74 per barrel, and Brent rose 3.3% to US$95.82 per barrel.