On November 10, A-shares opened higher before swinging into a mixed session. Heavyweight stocks opened up but drifted lower, while growth shares picked up the baton and pushed upward. The Shanghai Composite Index barely turned positive, closing up 0.08%; the ChiNext Index rose 1.46%, and the STAR 50 gained 0.64%. Combined turnover across the two markets reached 1.50 trillion yuan, an increase of 22.2 billion yuan from the prior day. A total of 4,273 stocks across the market advanced, with 95 hitting the daily limit-up and none hitting the limit-down. The money-making effect rebounded sharply to 79% from 42% the previous day. Hong Kong stocks rose in tandem, led by technology names. The Hang Seng Index closed at 24,557.04 points, up 0.44%; the Hang Seng Tech Index stood at 4,084.45 points, up 1.08%; and the China Enterprises Index came in at 8,265.81 points, up 0.07%.

Top gainers: AI hardware fired on three fronts, leading the entire market. The ChiNext Artificial Intelligence index rose 3.37%, Hong Kong Stock Connect Information C gained 2.99%, the Satellite Industry index climbed 2.47%, the CSI 2000 added 2.45%, the STAR Chip Design index advanced 2.09%, Robotics rose 1.87%, and Consumer Electronics gained 1.70%. Overnight, the Philadelphia Semiconductor Index closed up 6.85%, with AMD surging 13.3% and Broadcom up 8.8%. A-share CPO, PCB, and semiconductor chains attracted buying right from the open. Eoptolink Technology Inc. Ltd (SZSE: 300502) gained more than 6%, and Zhongji Innolight Co. Ltd (SZSE: 300308) rose more than 5%. The industry side is also providing catalysts: Anthropic released a new-generation flagship model that leads rivals in complex coding, scientific reasoning, and robot control tests, with output speed raised 30% and prices cut 20%. As of the end of September, national intelligent computing capacity reached 2,592 EFLOPS, up 146% year-on-year. Construction of the computing power network under the "15th Five-Year Plan" will add roughly 4 trillion yuan in direct investment. On this AI computing power theme, overseas names rise first and A-shares follow, forming a positive loop between industry prosperity and share prices.

Physical AI has entered the validation stage, with robotics and AI glasses delivering a double breakout. Robotics rose 1.87%, and Consumer Electronics gained 1.70%. Musk said Tesla has started early production of Optimus at its Fremont factory, with the robot expected to be delivered externally around the end of 2027, most likely on a "rent-only, not for sale" basis initially. The initial cost per unit is about $30,000, and scale-up could bring that down to $20,000. Industry sources say Tesla may open pre-orders in early December. Apple's team released HALO, an autonomous robot control system, and ran 360 tests in real environments on Unitree's G1, achieving an average success rate of 91%. More than ten A-share humanoid robotics constituents hit the daily limit-up, with Unitree Robotics surging more than 11% and its market value topping 320 billion yuan, making it the third-highest-priced stock in the A-share market. The shift from thematic expectations to mass-production validation is exactly what is happening in the robotics sector.

The satellite sector posted five straight gains, as space computing moves from concept to industrialization. The Satellite Industry index rose 2.47%. On November 9, at the 2026 Space Cloud Industry Ecosystem Conference, the "Nebula Constellation Plan" was officially released. Jointly developed by the Aerospace Information Research Institute of the Chinese Academy of Sciences and domestic innovative tech enterprises, the plan is a fully domestically produced space computing network covering the entire industrial chain, from domestic computing chips to satellite applications. In the future, it will achieve seamless integration and unified scheduling between space and ground computing power. On the same day, ExPace Aerospace announced its follow-up plans: over the next three years, the Kuaizhou-1A and Kuaizhou-11 rockets are scheduled to complete more than 50 launches, and in 2027 the Kuaizhou-12 and Kuaizhou-6 reusable liquid rockets are planned for maiden flights, with a launch cost target of no more than 20,000 yuan per kilogram. The CSI Satellite Industry Index has now risen for five consecutive trading days. The sector's largest drawdown since January this year reached 33.54%, and it is currently in an oversold-repair phase.

Top losers: oil and gas plunged, and defensive assets retreated across the board. The Guozheng Oil and Gas index fell 2.89%, bottoming out the entire market. Trump said that as long as U.S.-Iran talks make progress, the United States is "highly unlikely" to resume large-scale military action against Iran. Iran's president said the Supreme Leader has ordered an end to the "neither war nor peace" state, and the two sides have made progress on issues including uranium enrichment levels and the return of inspectors. The geopolitical risk premium fell rapidly. On November 9, the January 2027 Brent crude contract closed down 5.85% at $92.57 per barrel, while WTI fell 4.38% to $86.85. JPMorgan estimates that global crude supply in October exceeded demand by about 1.4 million barrels per day. On the other side, defensive assets retreated across the board: the CSI Dividend Quality index fell 0.62%, the CSI Dividend index dropped 0.59%, the 800 Cash Flow index lost 0.84%, and the Value 100 index declined 0.45%. Small and micro caps clearly outperformed: the CSI 2000 rose 2.45%, the CSI 1000 gained 1.22%, and the CSI 500 added 0.91%. Under expectations of improved liquidity, capital concentrated into high-beta small-cap names. The style shift from heavyweight cyclicals to tech growth is becoming increasingly clear.

What do institutions think? CITIC Securities believes that global giants entering the fray are accelerating the physical AI industry, and the robotics theme now has the conditions to kick off. Tesla is expected to unveil Optimus V3 in the fourth quarter. CITIC Securities Construction believes that the protagonist of the AI narrative in 2026 will be cloud-based agents, while 2027 may be the year when edge AI penetration rises. As a new form of edge AI, AI glasses are the only terminal category that goes from zero to one and is not constrained by inventory cycles. Huachuang Securities believes that improving liquidity driving valuation repair, falling U.S. real interest rates and inflation expectations, and record inflows into broad-based ETFs form three major supports, leaving the dual-innovation indices with 20% to 30% of repair room.

How should we view the road ahead? In the short term, turnover of 1.50 trillion yuan represents moderate volume expansion, 4,273 stocks advanced, and the style switch is relatively clear. But the Shanghai Composite Index rose only 0.08%, as the drag from heavyweights and upstream resources has not yet been lifted, and a breakout for the index still requires volume confirmation. AI computing power and edge hardware (related ETFs: 159243, 589390, 526050, 159890, 159899, 159779): the overnight surge in Philadelphia semiconductors, Anthropic's new model release, and an 84.2% year-on-year increase in North American cloud capex form a triple support. However, the ChiNext Artificial Intelligence and Hong Kong Stock Connect Information C indices already gained nearly 3%-3.4% in a single day, raising trading crowding, and buying near the 5-day moving average offers better value than chasing highs. Physical AI and robotics (related ETF: 560770): the theme has shifted from expectations to mass-production validation. Optimus's early production, HALO's 91% success rate, and the potential early-December pre-order window are continuous observation points. Going forward, we need to see whether component orders and production scheduling can land in sync. Commercial aerospace (related ETF: 159218): sentiment is elevated after five straight gains. The display of reusable rockets at the year-end Zhuhai Airshow, reusable launch verification, and IPO progress by commercial aerospace companies are key milestones for judging capacity gains and cost reduction. Small and micro-cap enhancement (related ETFs: 159552, 159680, 561950): these offer elasticity under improved liquidity and style rebalancing, but watch for drawdowns from year-end funding fluctuations. Resources and dividends (related ETFs: 159197, 515080, 159209, 159119, 159098, 560480): these are under dual pressure in the short term from the oil price plunge and easing geopolitics. With daily oversupply of about 1.4 million barrels, oil prices are unlikely to stage a trend reversal. The value of a core holding remains, but it is not advisable to accelerate buying during a decline. Hong Kong tech (related ETFs: 526050, 159125, 513220): benefiting from SMIC's earnings window and consecutive net buying via southbound flows, platform company results and foreign capital flows are the main short-term variables. Risk warning: the above content is for reference only and does not constitute any investment advice. Markets carry risk, and investment requires caution. A MACD golden cross signal has formed, and these stocks are rising well!