A-share Evening Highlights | October social financing and M2 growth both exceed 7%; US October core PPI up 5% year-on-year

Evening Highlights 1. Nvidia's resignation shock narrows by next day: closes down 4.34%, down nearly 11% for the week; AMD defies trend with five consecutive gains Importance: According to Cailianshe, facing the shock of Jensen Huang's abrupt resignation, Nvidia plunged 14% at the Wednesday US market open, ultimately closing down 4.34% at $166.19, the lowest close in the past year except for March 30; the stock fell 10.96% for the week, with market capitalization evaporating by $492.8 billion (approximately RMB3.28 trillion). The three major indices closed slightly lower that day: the Dow Jones Industrial Average at 52,297.09 points, down 0.36%; the Nasdaq at 25,366.09 points, down 0.39%; the S&P 500 at 7,592.40 points, down 0.35%; the Philadelphia Semiconductor Index down 0.54%. Retail investors bought the dip against the trend, with net purchases of approximately $111 million in the first 30 minutes after the open, more than 40 times the highest level for the same period on record. Capital shifted to computing power chip competitors: AMD closed up nearly 6%, extending its "five consecutive gains" with a cumulative gain of 44% since last Friday; Broadcom rose for 4 consecutive days this week with a cumulative gain of 24%. Interim CEO Kress said in a letter to employees that the company is going through "an extremely difficult period" but is confident in its future and its role in AI. Nvidia confirmed it will release earnings as usual after market close next Tuesday (November 17), and Kress plans to hold an all-hands meeting at 1:00 AM Beijing time on November 19. 2. A-shares open high and close low; ChiNext Index down 3.32%; CPO, PCB lead declines; AI comic drama, banks defy trend Importance: According to Xinhua Finance, on November 13 the three major A-share indices opened high and closed low, with the STAR 50 Index previously rising over 2% at one point. At the close, the Shanghai Composite Index at 3,634.35 points, down 0.59%; the Shenzhen Component Index at 10,968.79 points, down 2.05%; the ChiNext Index at 2,426.08 points, down 3.32%; the STAR Composite Index at 1,516.41 points, down 2.74%. Combined turnover of the Shanghai and Shenzhen markets was approximately RMB1.655668 trillion, a volume contraction of approximately RMB276.4 billion from the previous trading day. Across the market, 765 stocks rose and 4,748 fell, with 38 hitting the daily limit up and 34 hitting the daily limit down. On the board, computing power hardware concepts fell collectively, with CPO and PCB leading declines; Shenzhen Kinwong Electronic hit the daily limit down, while Suzhou TFC Optical Communication, Yuanjie Semiconductor Technology, and Eoptolink Technology Inc. all weakened; AI comic drama concepts strengthened, with Cultural Investment Holdings, Guangzhou Jinyi Media Corporation, and Omnijoi Media Corporation hitting the daily limit up; the banking sector was active, with Bank Of Jiangsu, Bank Of Nanjing, BQD, Bank Of Chengdu, and Bank Of Hangzhou all hitting record highs; hog stocks Shenzhen Kingsino Technology and Tech-Bank Food both hit the daily limit up, while computing power chips Ningbo TIP Rubber Technology and Wuxi Huadong Heavy Machinery hit the daily limit up. 3. PBOC: At end-October, outstanding social financing up 7.2% year-on-year, M2 up 7.1%; experts say likelihood of rate and RRR cuts within the year has declined Importance: According to Xinhua News Agency, the PBOC released October financial statistics on November 13: at end-October, outstanding social financing was RMB469.16 trillion, up 7.2% year-on-year; broad money (M2) balance was RMB359.06 trillion, up 7.1% year-on-year, both indicators higher than nominal GDP growth; narrow money (M1) balance grew 4.4% year-on-year. In the first 10 months, RMB loans increased by RMB11.42 trillion, with the loan balance up 4.7% year-on-year; cumulative social financing increment in the first 10 months was RMB28.61 trillion, RMB2.29 trillion less than the same period last year. Notably, in the first 10 months, bond and equity financing together accounted for 52.99% of the social financing increment, already exceeding the loan share, reflecting more diversified financing channels for the real economy. Wang Qing, chief macro analyst at Orient Golden Credit, judged that the likelihood of using aggregate monetary policy tools such as comprehensive rate cuts and RRR cuts before year-end has declined; regulators will mainly guide financial institutions to increase support for key areas and weak links, promoting the construction of the "six networks" and high loan growth in the "five major articles" areas. 4. Two departments: "15th Five-Year Plan" new-type energy storage implementation plan issued; installed capacity to reach 300 million kilowatts by 2030 Importance: According to Xinhua Finance, the National Development and Reform Commission and the National Energy Administration issued the "15th Five-Year Plan" New-Type Energy Storage Implementation Plan, proposing that by 2030, new-type energy storage will move from the scale-up development stage to the market-oriented development stage, with nationwide new-type energy storage installed capacity reaching 300 million kilowatts and average storage duration of about 3 hours. During the "15th Five-Year Plan" period, new-type energy storage will mainly meet intraday adjustment demand on the "source-grid-load" sides of the system, deepen applications in promoting new energy consumption, ensuring power supply, and supporting safe and stable operation of the power system, and expand innovative application scenarios and support new energy non-electric utilization practices. 5. US October core PPI up 5% year-on-year; traders lower Fed tightening expectations after release Importance: According to Cailianshe, US October core PPI rose 5% year-on-year (expected 5%), and 0.3% month-on-month (expected 0.3%, previous value revised to 0.8% from 0.7%). After the PPI report, traders lowered expectations for Fed tightening, and US three major stock index futures extended gains: Dow futures up 0.49%, S&P 500 futures up 0.56%, Nasdaq 100 futures up 0.51%. Fed officials' views diverged: Goolsbee said US inflation is broad and moving in the wrong direction, and the Fed "still has work to do" on inflation; Collins said rate hikes may harm housing affordability, but fighting inflation has higher priority than housing difficulties. Bank of America Global Research incorporated a January 2027 rate hike into its forecast, now expecting the Fed to raise rates by 25 basis points each in December 2026, January 2027, and March 2027. 6. DeepSeek opens full-suite application API, supporting web search, file input, and voice interfaces Importance: DeepSeek announced on November 13 the official opening of its full-suite application API: by enabling corresponding parameters in the original API, users can obtain conversational features such as deep-thinking search and file input; voice and related underlying capabilities have also opened independent interfaces (including OCR, ASR, TTS, etc.), supporting separate or combined calls. The V4.1-Flash model now supports web search, deep-thinking search, file input, link reading, model security, and other capabilities under the Messages, Responses, and Chat Completions interfaces; the company also open-sourced a lightweight front-end demo based on the new API, supporting import of DeepSeek historical conversations. 7. HKEX: To launch digital payment solution for derivatives after-hours trading session on December 14 Importance: According to China Securities Journal, HKEX announced it will launch a new digital payment solution on December 14 to facilitate settlement participants' payment of preliminary margin during the after-hours trading session of the derivatives market. The service is launched under a cooperation plan between HKEX and the Hong Kong Monetary Authority, exploring the use of e-HKD to pay preliminary margin for the after-hours trading session, allowing settlement participants to manage their position limit usage more flexibly outside general banking hours. 8. Dollar index hits highest since April 2025; Brent crude up over 1% Importance: According to NTES Finance and Cailianshe, the dollar index touched 103.18 on November 12, the highest level since April 2025; the 10-year US Treasury yield touched 5.16% intraday. Crude oil rebounded; on the evening of November 13, WTI crude futures rose 0.69% to $89.354/barrel, Brent crude futures rose 1.04% to $96.815/barrel; international gold and silver rose slightly, with spot gold up 0.62% at $3,901.35/ounce and spot silver up 0.38% at $50.23/ounce. Opportunity Outlook GMTEight sorts the sectors with the highest attention and catalytic events of the day. 1. Electrolyte: Shenzhen Capchem Technology and Eve Energy Co.,Ltd. signed a Long-Term Supply Agreement, agreeing to supply an estimated demand of 600,000 tons of electrolyte products from 2026 to 2030; Eve Energy Co.,Ltd. agreed to pay an advance payment within 30 working days after effectiveness to lock in core raw material capacity. 2. Laser chips: Yuanjie Semiconductor Technology received a purchase order from Customer B for high-power laser chip products, with total order value of RMB1.744 billion (excluding tax). 3. Liquid cooling: Qingdao CHOHO Industrial plans to acquire 51.11% equity of Cooler Core for RMB460 million, entering the liquid cooling field. 4. Lithium metal: Tianqi Lithium Corporation's 1,000-ton-per-year high-energy lithium battery material battery-grade lithium metal project has been completed in Chongqing, the country's first fully automated battery-grade lithium metal plant; Chongqing's total lithium metal capacity will increase to 1,600 tons/year. 5. Computing power REITs: The country's first source-grid-load-storage integrated computing power infrastructure inter-institutional REITs, "Huatai-CICC Data Holding Real Estate Asset-Backed Special Plan," was issued on the Shanghai Stock Exchange, with a scale of RMB3.652 billion. Among these, the high prosperity of the energy storage industry chain has been confirmed by institutions. A CITIC SEC research report shows that, from the operating results of the battery and energy management industry chain in the first three quarters and Q3 of 2026, global energy storage demand remains highly prosperous, new energy vehicle demand has diverged somewhat, revenue in most segments of the industry chain achieved growth, and mid-to-upstream profitability has clearly recovered year-on-year; the industry's "fixed assets + construction in progress" year-on-year growth rate rebounded to 20%, capital expenditure has clearly diverged, and the industry is gradually shifting from comprehensive contraction to structural expansion. Combined with the installed capacity targets of the two departments' "15th Five-Year Plan" energy storage plan, the resonance between energy storage industry chain prosperity and policy is worth watching. Announcement Highlights Positive announcements 1. Yuanjie Semiconductor Technology: Signed RMB1.744 billion sales order for high-power laser chip products 2. TCL Zhonghuan Renewable Energy Technology: Plans to acquire 65.8% stake in Zhonghuan Leading, raising shareholding to 98.52%, resuming trading on November 16 3. Beijing Tongrentang: Plans to acquire 60% stake in Tianjin Beijing Tongrentang for RMB2.4438 billion 4. Shenzhen Capchem Technology: Signed 20262030 long-term supply agreement for 600,000 tons of electrolyte with Eve Energy Co.,Ltd. 5. China Rare Earth Resources And Technology: Plans to purchase 51% equity of China Rare Earth Liangshan, resuming trading on November 16 Negative announcements 1. Ningbo TIP Rubber Technology: 4 consecutive limit-ups with cumulative gain over 54%, suspended from November 16 for verification of stock trading fluctuations 2. Shenzhen Overseas Chinese Town: October contracted sales amount RMB570 million, cumulative RMB8.05 billion from January to October 3. Nanning Department Store: Plans to list and transfer 46.26% stake in Nanning Pharmaceutical for RMB41.6912 million 4. Zhanjiang Guolian Aquatic Products: Wholly-owned subsidiary plans to sell assets for RMB66.18 million 5. China Hainan Rubber Industry Group: Controlling subsidiary plans to transfer 100% equity of JFL Singapore Tomorrow's Focus Next week's focus (from November 16): On Monday (November 16), the National Bureau of Statistics will release October national economic operation data; China Rare Earth Resources And Technology and TCL Zhonghuan Renewable Energy Technology resume trading, while Ningbo TIP Rubber Technology is suspended for verification. After market close on Tuesday (November 17), Nvidia releases its third-quarter report, a key variable for the medium-term direction of the A-share AI hardware chain; from November 15 to 20, the Supercomputing 2026 conference will be held, with Marvell and others showcasing AI infrastructure interconnection and memory technologies. The November adjustment of the MSCI China Index (newly including Huadian New Energy Group Corporation, Yunnan Lincang Xinyuan Germanium Industry, and Zhongji Innolight H-shares) will take effect after the close on November 30; the APEC Leaders' Informal Meeting is about to be held in Shenzhen. Relevant arrangements are subject to exchange and company announcements.