A-share Opening Express | The three major indices collectively opened lower, and precious metal photovoltaics bucked the trend and was active

Opening data

The Zhitong Finance App learned that on November 5, the Shanghai Index opened 1.07% lower to 3646.57 points, the Shenzhen Index opened 1.05% lower to 11216.81 points, and the GEM Index opened 2.00% lower to 2493.73 points. Science Innovation 50 opened 2.33% lower to 1236.01 points. As of 9:32, a total of 3,319 companies in the Shanghai and Shenzhen markets had risen, 1980 had declined, and 279 were flat. The increase was highest: precious metals, photovoltaic equipment, aviation and airport, advertising and marketing, decoration, etc.; the decline was the highest: components, communication equipment, petroleum and petrochemicals, coal mining, robot actuators, CPO concepts, etc.

Market conditions

After the three major indices collectively opened lower, they quickly pulled back, and the decline in current prices was narrower than at the opening of the market. As of 9:32, the Shanghai Index reported 365.72 points, down 0.91%; the Shenzhen Index reported 11276.07 points, down 0.53%; the GEM index reported 2509.30 points, down 1.39%; and the Science and Innovation 50 reported 1249.49 points, down 1.26%. Structural differentiation is obvious: the precious metals sector was led by an overnight increase in gold prices of more than 3%, and photovoltaic equipment, airports, and advertising and marketing strengthened simultaneously; components, communication equipment, robot actuators, and CPO concepts declined, and the semiconductor sector quickly pulled back close to the flat plate after opening low, and the computing power hardware chain still withstood the pressure of the overnight decline in the Philadelphia Semiconductor Index. The entire market rose 3,319 companies, fell in 1980, rose and stopped at 14, and dropped to 0. The index turned green, and individual stocks rose more and less.

Overnight quick facts

The three major US stock indices rose: the Democratic Party took back the Senate and House of Representatives in the US midterm elections, the Dow rose 3.03% to 53356.12 points, the S&P 500 rose 1.58%, and the NASDAQ rose 1.44%, leading the way; however, AI infrastructure stocks were sold off centrally, and the Philadelphia Semiconductor Index fell 3.13% to 10,268.66 points, a new closing low since April 28.

The interest rate for repurchasing and increasing refinancing was reduced to 1%: the central bank lowered the interest rate of the instrument by 0.25 percentage points on November 4, and the support target was expanded to 21 national banks and 5 systemically important commercial banks, and the bank reporting amount had already exceeded 200 billion yuan; on November 5, a 3-month (91 days) buyout reverse repurchase of 300 billion yuan was carried out using fixed amounts, interest rate tenders, and multiple price wins, due to the expiration of the 500 billion yuan instrument for the same period.

International oil prices plummeted in a single day: the market is betting on a downgrade in the Middle East war. WTI's December contract fell 8.29% to $88.12; Brent's January contract fell 8.67% to $94.62, all of which hit a two-month low; COMEX gold futures rose 3.34% to $4072.2.

Trend analysis

Peripheral signals are inconsistent. The three major US stock indices closed up sharply due to the midterm election results. The Dow recorded the biggest one-day increase since April 2025, but the AI infrastructure chain was sold centrally, and the Philadelphia Semiconductor Index hit a new low since April 28. This differentiation is directly reflected in the opening of the market, where A-share computing power hardware, storage, and optical modules are under pressure.

There was a structural increase on the domestic policy side, and interest rates on repurchases were reduced to 1%, and support targets were expanded; total liquidity was converging. The 3-month buyout reverse repurchase of 300 billion yuan on November 5 was a scaled-back continuation, which matured 500 billion yuan in the same month, with a net return of 200 billion yuan. After a sharp increase in volume on the previous trading day, short-term profit markets and peripheral hardware pressure coexisted.