A-share evening hot spots | Social finance and M2 growth rates both exceeded 7% in October, US core PPI increased 5% year on year in October

Evening highlights

1. The impact of Nvidia's resignation narrowed the next day: it closed down 4.34%, down nearly 11% this week, AMD bucked the trend

Importance: ★★★★★

According to the Financial Services Association, facing the impact of Hwang In-hoon's sudden resignation, Nvidia opened with a 14% drop on Wednesday, and finally closed down 4.34% to $166.19, the lowest closing price in the past year other than March 30; the company's stock price fell 10.96% this week, and the market value evaporated by 492.8 billion US dollars (about RMB 3.28 trillion). The three major indices closed down slightly on the same day: the Dow Jones Index reported 52297.09 points, down 0.36%; the Nasdaq Index reported 25366.09 points, down 0.39%; the S&P 500 reported 7592.40 points, down 0.35%; and the Philadelphia Semiconductor Index fell 0.54%. Retail investors bucked the trend and made net purchases of about US$111 million 30 minutes after opening, more than 40 times the highest level for the same period on record.

Capital is shifting to computing power chip rivals: AMD closed up nearly 6%, continuing the “Five Lianyang”, with a cumulative increase of 44% since last Friday; Broadcom has been rising for 4 consecutive days this week, with a cumulative increase of 24%. Interim CEO Kress said in a letter to employees that the company is going through “an extremely difficult period” but is confident about its future and role in the AI field. Nvidia confirmed that it will release earnings reports after the next Tuesday (November 17) as usual. Kress plans to hold a full staff meeting at 1:00 a.m. on November 19, Beijing time.

2. A-shares opened higher and lower, and the GEM index fell 3.32%. CPO, PCB led the decline, AI comics, and banks bucked the trend

Importance: ★★★★

According to Xinhua Finance, the three major A-share indices opened high and went low on November 13, while the Science and Technology Innovation 50 Index had previously risen more than 2%. At the close, the Shanghai Composite Index reported 3634.35 points, down 0.59%; the Shenzhen Securities Index reported 10968.79 points, down 2.05%; the GEM Index reported 2426.08 points, down 3.32%; and the Science and Innovation Composite Index reported 1516.41 points, down 2.74%. The turnover of the Shanghai and Shenzhen markets was about 1655,668 billion yuan, down about 276.4 billion yuan from the previous trading day. In the entire market, 765 stocks rose, 4,748 stocks fell, 38 stocks rose or stopped, and 34 stocks fell to a halt. On the market, computing power hardware concepts collectively declined, with CPO and PCB leading the decline, and Tianfu Communications, Yuanjie Technology, and Xinyisheng all weakened; AI comic book concepts strengthened, Cultural Investment Holdings, Jinyi Film and Television, and Happy Blue Ocean rose and stopped; the banking sector showed active performance; Bank of Jiangsu, Bank of Nanjing, Bank of Qingdao, Bank of Chengdu, and Bank of Hangzhou all reached record highs; pork stocks both rose and stopped, and the computing power chip Tianpu Shares and Huadong Heavy Machinery both rose and stopped.

3. Central Bank: At the end of October, social finance stocks increased 7.2% year on year, M2 increased 7.1%, experts say the possibility of interest rate cuts during the year decreased

Importance: ★★★★★

According to Xinhua News Agency, the central bank released financial statistics for October on November 13: the social financing scale stock at the end of October was 469.16 trillion yuan, up 7.2% year on year; the broad currency (M2) balance was 359.06 trillion yuan, up 7.1% year on year. Both indicators were higher than the nominal GDP growth rate; and the narrow currency (M1) balance increased 4.4% year on year. RMB loans increased by 11.42 trillion yuan in the first 10 months, and the loan balance increased 4.7% year on year; the cumulative increase in social finance in the first 10 months was 28.61 trillion yuan, 2.29 trillion yuan less than the same period last year. It is worth noting that bond and stock financing together accounted for 52.99% of the social finance increase in the first 10 months, which has already surpassed the share of loans, and the real economy has more diversified financing channels. Wang Qing, chief macro analyst at Dongfang Jincheng, judged that the possibility of using comprehensive monetary policy tools such as comprehensive interest rate cuts and downgrades will decline before the end of the year. The supervisory authorities will mainly guide financial institutions to increase their support for key areas and weak links, and promote the construction of the “Six Networks” and a high increase in loans in the “Five Big Articles” field.

4. Two departments: “15th Five-Year Plan” new energy storage implementation plan issued, with an installed capacity of 300 million kilowatts in 2030

Importance: ★★★★

According to Xinhua Finance, the National Development and Reform Commission and the National Energy Administration issued the “15th Five-Year” New Energy Storage Implementation Plan, which proposes that by 2030, the new energy storage will move from a large-scale development stage to a market-based development stage. The country's installed scale of new energy storage will reach 300 million kilowatts, with an average energy storage time of about 3 hours.” During the “15th Five-Year Plan” period, new energy storage mainly met the intraday regulation requirements on the “source network load” side of the system, deepened the application of new energy storage in promoting the consumption of new energy sources, ensuring power supply, and supporting the safe and stable operation of power systems, expanding innovative application scenarios and supporting the practice of non-electricity utilization of new energy sources.

5. After the announcement of a 5% year-on-year increase in US core PPI in October, traders lowered expectations for the Federal Reserve to tighten

Importance: ★★★★

According to the Financial Federation, the US core PPI in October increased 5% year on year (expected 5%) and 0.3% month-on-month (expected 0.3%; previous value revised from 0.7% to 0.8%). After the PPI report was released, traders lowered their expectations for the Federal Reserve's tightening policy. The three major US stock index futures extended gains. Dow futures rose 0.49%, S&P 500 futures rose 0.56%, and Nasdaq 100 futures rose 0.51%. The attitude of Federal Reserve officials is divided: Goulsby said that US inflation is widespread and is moving in the wrong direction, and that the Federal Reserve “still has work to do” in terms of inflation; Collins said that interest rate hikes may damage housing affordability, but the priority of fighting inflation is higher than the housing situation. Bank of America Global Research included the January 2027 rate hike in the forecast. Currently, the Federal Reserve is expected to raise interest rates by 25 basis points in December 2026, January, and March 2027, respectively.

6. DeepSeek opens the Family Bucket application API to support network search, file input and voice interface

Importance: ★★★★

DeepSeek announced on November 13 to officially open the Family Bucket Application API: by opening the corresponding parameters in the original API, you can obtain dialogue functions such as deep thought search and file input; voice and related underlying capabilities have also opened independent interfaces (including OCR, ASR, TTS, etc.), which can be called individually or in combination. The V4.1-Flash model already supports network search, deep thought search, file input, link reading, and model security capabilities under the Messages, Responses, and Chat Completions interfaces; the company also open-sourced a lightweight front-end demo based on the new API to support importing DeepSeek historical conversations.

7. Hong Kong Stock Exchange: On December 14, a digital payment solution for the trading period after the closing of the derivatives market was launched

Importance: ★★★

According to China Securities News, the Hong Kong Stock Exchange announced that it will launch a new digital payment scheme on December 14 to facilitate settlement participants to pay prepaid deposits during the trading period after the derivatives market closes. The service was launched based on a cooperative plan between the Hong Kong Stock Exchange and the Hong Kong Monetary Authority. It explores the use of CyberHKD to pay prepaid deposits during post-market trading hours, so that settlement participants can manage their position limit usage more flexibly outside of normal bank business hours.

8. The US dollar index hit a new high since April 2025, and oil rose more than 1%

Importance: ★★★

According to NetEase Finance and the Financial Federation, the US dollar index hit 103.18 on November 12, the highest level since April 2025; the 10-year US Treasury yield hit 5.16% during the day. Crude oil rebounded. On the evening of November 13, WTI crude oil futures rose 0.69% to 89.354 US dollars/barrel, and Brent crude oil futures rose 1.04% to 96.815 US dollars/barrel; international gold rose slightly. Spot gold rose 0.62% to 3901.35 US dollars/ounce, and spot silver rose 0.38% to 50.23 US dollars/ounce.

Opportunity outlook

Zhitong Finance sorted out the most watched sectors and catalytic events of the day.

1. Electrolyte: Xinzhoubang signed a “Long-term Supply Agreement” with Everweft Lithium Energy to supply 600,000 tons of electrolyte products with an estimated demand of 600,000 tons from 2026 to 2030. Everweft Lithium agreed to pay an advance payment within 30 working days after entry into force to lock in the production capacity of core raw materials.

2. Laser chip: Yuanjie Technology received a purchase order for high-power laser chip products from customer B, with a total order amount of 1,744 billion yuan (excluding tax).

3. Liquid cooling: Zhenghe Industrial plans to acquire 51.11% of Coolcore's shares for 460 million yuan to lay out the field of liquid cooling and cooling.

4. Lithium metal: Tianqi Lithium's battery-grade lithium metal project with an annual output of 1,000 tons of high-energy lithium battery materials was completed in Chongqing. As the country's first fully automatic battery-grade lithium metal plant, the total lithium metal production capacity in Chongqing will increase to 1,600 tons/year.

5. Computing power REITs: The country's first single-source network integrated computing power infrastructure agency REITs “Huatai-CICC Data Holding Real Estate Asset Support Special Program” was issued on the Shanghai Stock Exchange, with a scale of 3,652 billion yuan.

Among them, the high prosperity of the energy storage industry chain was confirmed by the agency. According to the CITIC Securities Research Report, judging from the operating results of the battery and energy management industry chain in the first three quarters and three quarters of 2026, global demand for energy storage remained high, demand for new energy vehicles was divided, revenue from most links in the industry chain increased, and midstream and upstream profits were clearly recovered year on year; the industry's “fixed assets+projects under construction” growth rate rebounded to 20% year-on-year, capital expenditure was clearly divided, and the industry gradually moved from overall contraction to structural expansion. Combining the installed targets of the “15th Five-Year Plan” energy storage plan of the two departments, the energy storage industry chain boom and policy resonance are worth paying attention to.

Selected announcements

Positive announcements

1. Yuanjie Technology: signed a sales order of 1,744 billion yuan for high-power laser chip products

2. TCL Central: Plans to acquire 65.8% of Central's leading shares, increasing the shareholding ratio to 98.52%, and resuming trading on November 16

3. Tong Ren Tang: Plans to acquire 60% of Tianjin Tong Ren Tang's shares for 2,443.8 billion yuan

4. Xinzhoubang: Signed a long-term supply agreement with Everweft Lithium Energy for 600,000 tons of electrolyte from 2026 to 2030

5. China Rare Earths: Plans to buy 51% of Zhongxi Liangshan shares and resume trading on November 16

Negative announcements

1. Tianpu shares: The cumulative increase of more than 54% on the 4th consecutive board. Trading was suspended from November 16 to check fluctuations in stock trading

2. OCT A: Achieved a contract sales amount of 570 million yuan in October, with a cumulative total of 8.05 billion yuan from January to October

3. Nanning Department Store: Plans to sell 46.26% of Nanning Pharmaceutical's shares for 41.6912 million yuan

4. Guolian Fisheries: Wholly-owned subsidiary plans to sell assets for 66.18 million yuan

5. Hainan Rubber: The holding subsidiary plans to transfer 100% of JFL Singapore's shares

What to see tomorrow

Next week's highlights (starting November 16): On Monday (November 16), the National Bureau of Statistics will release the October national economy performance data; China's rare earths and TCL will resume trading, and Tianpu shares will be suspended for verification. After the market on Tuesday (November 17), Nvidia released its three-quarter report, which is a key variable in the mid-term direction of the A-share AI hardware chain; the Supercomputing 2026 conference will be held from November 15 to 20, and Marvell and others will showcase AI infrastructure connectivity and memory technology. The November adjustment of the MSCI China Index (newly included Huadian Xinneng, Yunnan Germanium, and Zhongji Xuchuang H shares) will take effect after closing on November 30; an informal APEC leaders' meeting will soon be held in Shenzhen. Relevant arrangements are subject to exchange and company announcements.