A-share pre-market broadcast | Nvidia CEO Wong In-hoon resigns, NASDAQ closes down 0.39%

Pre-market highlights

1. Nvidia CEO Huang Renxun resigned, NASDAQ closed down 0.39%

Type: Market Sentiment Impact: Negative

The three major US stock indices collectively closed down on November 12. The NASDAQ fell 0.39%, the Dow fell 0.36%, and the S&P 500 index fell 0.35%. Nvidia's board of directors has approved the resignation of Huang Renxun as the company's president, CEO and director, with immediate effect. CFO Colette Kress will be the interim CEO, and the board of directors will begin the process of selecting a new CEO. Nvidia closed down 4.34%, and its market value evaporated by 182 billion US dollars in a single day. Its GPU rivals Broadcom and AMD rose more than 5%, and Sandisk fell 4.1%. A number of investment banks, including Citibank and Wells Fargo, have intensively lowered Nvidia's target price, as low as $186.

2. Domestic gasoline and diesel prices were reduced by 645 yuan and 625 yuan per ton

Type: Macro Sentiment Impact: Neutral

The National Development and Reform Commission announced that starting at 24:00 on November 12, domestic automobile and diesel (standard products) prices will be reduced by 645 yuan and 625 yuan per ton, respectively. Looking at the national average, No. 92 gasoline, No. 95 gasoline, and No. 0 diesel were reduced by 0.51 yuan, 0.54 yuan, and 0.53 yuan respectively, and car owners will spend 25.5 yuan less to fill a 50-liter fuel tank with No. 92 gasoline. The Development and Reform Commission said that due to the fluctuation and fall in crude oil prices in the international market, the average price for the first 10 working days was lower than the level before the previous price adjustment.

3. Demand and supply of electronic cloth are tight, and prices may continue to rise in the short term

Type: Industry sentiment Impact: Positive

Driven by the increase in demand for AI computing power, the PCB upstream electronic distribution market is rising. A CFA reporter learned in an interview that the mismatch between supply and demand is the leading factor in the price increase of electronic cloth in this round. The industry is showing a double tight pattern of “conventional cloth gap+serious shortage of special cloth”. Combined with additional production capacity, it is difficult to release in the short term. It is expected that the price of electronic cloth will continue to rise in the short term. Categories such as ultra-thin, low-dielectric specialty fabrics are in short supply and stocks are in short supply, and listed companies in the industrial chain are stepping up the deployment of new production capacity.

4. SMIC's net profit for the third quarter increased 87.6% year-on-year

Type: Company Sentiment Impact: Positive

SMIC announced that in the third quarter, it achieved operating income of 21.983 billion yuan, an increase of 28.1% year on year; net profit attributable to shareholders of listed companies was 2,847 billion yuan, an increase of 87.6% year on year. Sales revenue for the third quarter was US$3.19 billion, up 6.1% from month to month, and gross profit margin was 29.9%, up 4.6 percentage points from month to month. The company expects revenue growth of 4%-6% month-on-month in the fourth quarter, and the gross margin guideline is 26%-28%. The change in performance was mainly due to a year-on-year increase in wafer sales, increased capacity utilization, and changes in the product portfolio. The monthly production capacity increased to 1,116,800 pieces in the third quarter.

Investment calendar

November 13 to November 15 2026 Hi-Tech Fair · 28th China International Hi-Tech Fair

Institutional views

1. CITIC Securities: Changes in Nvidia executives may trigger a revaluation of the AI industry chain. The mid-term trend still depends on the evolution of profit fundamentals.

2. Huayuan Securities: The increase in PPI is due to imported inflation. The bond market fluctuates or is weaker than the previous period, and the yield on 30Y treasury bonds may break 2.0% during the year.

3. Huafu Securities: Interest rates on new loans issued continued to be low at 3.03% in the third quarter. The policy focus was on opening up capital circulation rather than total expansion.

Positive and negative outlook

1. Overseas chip manufacturers are about to target domestic indium phosphide substrate production capacity

Type: Agency Hot Reviews

Huafu Securities: Coherent and AOI use multi-year long-term contracts to lock domestic production capacity for 4-inch and 6-inch substrates, and the method of cashing out the shortage of substrates has changed from spot pricing to long-term contract locking.

2. HUAWEI CLOUD released the first Shengteng native embodied world model

Type: Hot Market Discussion

9-point special offer: HUAWEI CLOUD announced the first Shengteng native realistic world model, and Google simultaneously released the Intelligent Eyewear AI glasses, starting at $395.

3. Positive results for Olin Biotech's Staphylococcus aureus vaccine phase III

Type: Agency Hot Reviews

SDIC Securities: Olin Biotech's revenue side grew steadily in 2026Q1-3, and the clinical results of Staphylococcus aureus vaccine phase III were positive.

Announcement Express

Positive announcements

1. Tianci Materials: The subsidiary plans to use its own capital to build a project with an annual output of 500,000 tons of electrolyte and supporting materials with an annual output of not more than 5 billion yuan, with a construction period of 24 months

2. Huahong Hongli: It plans to repurchase shares for 300 million yuan to 500 million yuan. The repurchase price will not exceed 25,555 yuan/share, all of which will be used for cancellation

3. Tianfu Communications: It is proposed to use 100 million yuan to 150 million yuan to repurchase shares for cancellation. The repurchase price will not exceed 350 yuan/share

Negative announcements

1. Cuihua withdrawal: termination of listing and delisting of the company's shares

2. Xinjin Road: Terminate implementation of the 2026 Stock Options and Restricted Stock Incentive Plan

3. Brand new: Shareholders holding 5% or more of their shares reduced their holdings by 1%

Overseas markets

The three major US stock indices collectively closed down. The NASDAQ fell 0.39%, the Dow fell 0.36%, and the S&P 500 fell 0.35%; Nvidia CEO Huang Renxun's resignation triggered a sell-off in chip stocks. Nvidia fell 4.34%, and its market value evaporated by 182 billion US dollars in a single day. Its rivals Broadcom and AMD rose more than 5%. Livermore's leading Chinese securities index closed down 3%, iQiyi and Alibaba fell more than 7%, and NIO fell more than 6%. WTI crude oil closed up 2.55% to $88.74 per barrel, while Brent rose 3.3% to $95.82 per barrel.