Bullish and bearish developments influencing the stock market.

Macroeconomic News

Foreign Ministry spokesperson Guo Jiakun presided over a regular press briefing yesterday. In response to an AFP reporter's question that U.S. President Trump said he might meet with the Chinese and Russian heads of state during the APEC Shenzhen Summit to discuss ending the U.S.-Iran conflict and denuclearization, Guo Jiakun stated that China maintains communication with relevant parties regarding a China-Russia-U.S. leaders' meeting.

Foreign Ministry spokesperson Guo Jiakun presided over a regular press briefing yesterday. In response to an AFP reporter's question citing a Reuters report that 600,000 advanced Nvidia chips from the United States are in Hong Kong and about to be shipped to mainland China, which has not yet approved their import, Guo Jiakun stated that China's position on U.S. chip exports to China is consistent.

A spokesperson for the Ministry of Commerce answered questions on adjusting the unreliable entity list and export control measures: to implement the consensus reached at the eighth round of China-U.S. economic and trade consultations, China decided to continue suspending relevant measures for another two months starting November 10. On the same day, the Ministry of Commerce announced it would continue suspending countermeasures against five U.S.-related subsidiaries of Hanwha Ocean for another two months.

Democratic lawmakers in the U.S. Congress said on the 8th that after Democrats take over Congress in January next year, they will launch investigations into U.S. billionaire Elon Musk, White House Chief of Staff Stephen Miller, and some companies.

Industry News

On November 9, Huatai Securities, Guosen Securities, and Zheshang Securities successively completed their first batch of stock purchase operations under the third round of the "Securities, Fund, and Insurance Companies Swap Facility."

Increased gold price volatility has spurred more flexible trading tools. On November 9, China CITIC Bank announced it expects to launch a gold accumulation order placement function on November 16, supporting buy and redemption order placements. As gold price fluctuations have gradually widened this year, several banks including Industrial Bank and Bank of Nanjing have successively launched gold accumulation order placement functions.

According to reports, Google will launch two new tensor processing unit (TPU) chips, TPU 8tx and 8i Max. The TPU 8tx targets confidential computing needs of government agencies and regulated industries and works in coordination with AMD chips; the TPU 8i Max mainly targets AI applications requiring long context windows, boosting computing power and memory capacity by packaging two TPU chips together.

The China Passenger Car Association released data showing that October new energy vehicle sales reached 1.109 million units, down 13.7% year-on-year and up 2.3% month-on-month; new energy vehicle exports reached 582,000 units, up 144.7% year-on-year and up 3.9% month-on-month. October broad passenger vehicle sales totaled 1.653 million units, down 27.3% year-on-year and up 1.4% month-on-month; exports reached 932,000 units, up 68.2% year-on-year.

The Shanghai Food and Drug Safety Committee issued the "Shanghai 15th Five-Year Plan for Ensuring Drug Safety and Promoting High-Quality Development of the Pharmaceutical Industry," which proposes to continuously advance reform of clinical trial review and approval for innovative drugs and support innovative drug research and development. It also proposes to pursue pilot reforms such as dossier review for generic drugs and accelerate the market launch of first generic varieties.

Multiple departments in Shandong Province jointly issued the "Shandong Province Action Plan for Accelerating High-Quality Development of the Paper Industry (2026-2030)," proposing that by 2030, the operating revenue of paper and paper products enterprises above designated size in the province reach approximately 205 billion yuan, cultivate about 5 internationally renowned enterprises with revenue exceeding 10 billion yuan each, and implement 16 measures across six major actions including raw material supply security, technological innovation leadership, and industrial structure upgrading.

According to Haikou Customs statistics, from January to October this year, Hainan offshore duty-free shopping amounted to 27.66 billion yuan, with 4.101 million shopping trips and 23.113 million items purchased, up 12.5%, 8.9%, and 4.4% year-on-year respectively.

At the 2026 Space Cloud Industry Ecosystem Conference held on November 9, achievements in China's space cloud industrialization including the "Nebula Constellation Plan" were released. The plan is a fully domestically developed space computing network jointly developed by the Aerospace Information Research Institute of the Chinese Academy of Sciences and domestic tech innovation enterprises, covering the entire industry chain from domestic computing chips to satellite applications.

Company News

WUS Printed Circuit announced a plan to repurchase 500 million to 1 billion yuan of its A-shares. Huaru Technology announced it has been banned from participating in military materials and engineering service procurement activities for 5 years. Tianbang Food announced it signed a restructuring investment agreement with Tongwei Group, with total investment of 1.441 billion yuan. Qingyi Photomask announced its controlling subsidiary plans to invest no more than 1.5 billion yuan to build phase three of a high-end semiconductor mask production base. Hongda Electronics announced a plan to raise no more than 1 billion yuan through a private placement to build tantalum capacitor and ceramic thin-film circuit projects. Awinic Electronics announced it is planning to acquire equity in Yutai shares, with its stock suspended. Baiyunshan announced its subsidiary Guangzhou Pharmaceutical plans to publicly list for strategic investors and issue shares to raise no more than 6 billion yuan. COSCO Shipping Energy announced a plan to invest 5.689 billion yuan to build 6 VLCC crude oil tankers; on the same day, it announced its subsidiary plans to invest 3.793 billion yuan to build 4 VLCC crude oil tankers. Valin Steel announced its subsidiary plans to invest 3.147 billion yuan in phase three of an automotive sheet project. BeiGene announced net profit for the first three quarters of 2026 grew 432% year-on-year, with third-quarter net profit up 67% quarter-on-quarter. Hengrui Pharmaceuticals announced its subsidiary's HRS-5346 tablets received approval to conduct phase III clinical trials. Jiejia Weichuang announced its chairman proposed repurchasing 300 million to 500 million yuan of A-shares. Asymchem announced it obtained commitment letters for stock repurchase special loans totaling no more than 1.26 billion yuan. Guanghe Technology announced a plan to repurchase 200 million to 400 million yuan of its A-shares. Han's CNC announced a plan to repurchase 200 million to 300 million yuan of its A-shares. Jingce Electronic announced a plan to repurchase 100 million to 200 million yuan of shares for cancellation. Jiahe Meikang responded to "layoff and pay cut" rumors, stating the plan has not yet begun implementation. AMEC announced its first share repurchase of 79,600 shares, with total payment of 19.9856 million yuan. Jin'an Guoji announced a plan to invest 500 million yuan to build a new project with annual output of 130 million meters of electronic-grade fiberglass cloth. Skyverse announced a plan to repurchase 100 million to 150 million yuan of its shares.

Global Markets

The three major U.S. stock indices closed higher collectively, with the Dow up 2.15%, the Nasdaq up 2.74%, and the S&P 500 up 2.34%. Chip stocks surged, with the Philadelphia Semiconductor Index up 6.85%, AMD up over 13%, Applied Materials up over 11%, Lam Research up over 10%, Seagate Technology and Western Digital up over 9%, and Broadcom up over 8%. However, Nvidia fell 4.22% to a nearly seven-month closing low. As optimism grew over diplomatic efforts to end the Middle East war, international oil prices fell to their lowest since August. December-delivery WTI crude fell 4.4% to settle at $86.85 per barrel; January-delivery Brent crude fell 5.9% to settle at $92.57 per barrel. International precious metals rose, with spot gold up 1.72% at $4,140.93 per ounce and spot silver up 2.93% at $53.44 per ounce. Trump stated: military action against Iran currently appears unnecessary; the U.S. is maintaining the status quo in Iran; Iran is talking with the U.S. "very politely"; Iran has been "substantially terminated" militarily. We will see, and it is very likely to end. According to a hearing notice posted on the website of the Starbase city government in Texas, SpaceX, owned by Musk, plans to build, own, and operate a gas power plant and supercomputing facility in Starbase where the company is located. The project is expected to involve initial investment of $24 billion.

Investment Opportunity Reference

1. Various regions accelerate construction of next-generation communication networks, solidifying the foundation for high-quality development

According to media reports, next-generation communication networks are a key digital link connecting the digital and physical worlds and bridging the present and future. In the opening year of the 15th Five-Year Plan, various regions are accelerating the construction of next-generation communication networks to solidify the foundation for high-quality development. Next-generation communication networks include mobile communication networks such as 5G, 5G-A, and 6G, as well as 10-gigabit optical networks and satellite internet, achieving deep integration of communication, sensing, computing, and intelligence. The report noted that looking ahead, 6G technology is accelerating from the laboratory to application. 6G base stations and signals can not only communicate but also sense object movement like radar. This technology will also provide faster response guarantees for autonomous driving and other applications. Currently, 6G is in the standard research and formulation stage. Jiang Ying, chief communications analyst at Kaiyuan Securities, noted that according to IMT-2030 (6G) Promotion Group forecasts, by 2040, the number of various 6G terminal connections is expected to grow more than 30 times compared to 2022. Great importance should be attached to infrastructure construction in the early stages of communication upgrades. As 6G technology continues to develop and standards are established, related industry sectors are expected to usher in corresponding industrial opportunity periods, including antennas, radio frequency, and communication chips.

2. Heat pumps become an important choice in the European heating market

Industry media reports indicate that the European heat pump market is emerging from the adjustment period of the past two years. As building heating decarbonization advances, demand for replacing gas boilers is gradually being released, and heat pumps have become an important choice in the European heating market. Meanwhile, Chinese companies such as Midea and Haier are accelerating their layout and competing with international brands such as Carrier and Bosch. Under the same heat demand, a heat pump consumes less than one-quarter of the energy of traditional heating methods, and the higher energy prices are, the more obvious the economic benefits of heat pumps. According to General Administration of Customs data, China's heat pump exports to 21 European countries reached 1.028 billion yuan in September 2026, up 214.9% year-on-year, with core markets such as the Netherlands, Italy, and Poland all growing over 200%. Founder Securities believes that driven by energy price shocks and policies encouraging reduced electricity tax burdens, end demand continues to recover, and combined with the concentrated release of channel stocking demand before the heating season, September export scale grew strongly. Against the backdrop of normalized geopolitical conflicts, the dual factors of Europe's energy security demands and residents' heating cost pressures will drive the continued deepening of Europe's "gas-to-electricity" substitution, and the heat pump market has broad long-term development space.

Trading Halts and Resumptions

Halts: 688053 ST Sicore (shareholder rights), 688798 Awinic Electronics. Resumptions: 002623 Almaden.

Announcement Digest

Hot Topics

Tianbang Food: Signed a restructuring investment agreement with Tongwei Group, with total investment of 1.441 billion yuan. Weiteou: Signed an investment intention agreement with Xinya Process (shareholder rights), planning to acquire no less than 51% equity in Xinya New Materials. Baiyunshan: Controlling subsidiary Guangzhou Pharmaceutical plans to publicly list for capital increase and share expansion to raise no more than 6 billion yuan.

Shareholding Increases & Buybacks

Junpu Intelligent: Plans to repurchase 30 million to 50 million yuan of shares for reducing registered capital. Jiejia Weichuang: Chairman proposed company repurchase of 300 million to 500 million yuan of shares. Nanya New Materials: Chairman proposed company repurchase of 100 million to 200 million yuan of shares. Tinci Materials: Chairman proposed company repurchase of 50 million to 100 million yuan of shares. Hengkong New Materials: Chairman proposed company repurchase of 50 million to 100 million yuan of shares. Jingce Electronic: Plans to repurchase 100 million to 200 million yuan of shares for cancellation to reduce registered capital. Giant Network: Plans to repurchase 300 million to 600 million yuan of company shares. Han's CNC: Plans to repurchase 200 million to 300 million yuan of company shares. Guanghe Technology: Plans to repurchase 200 million to 400 million yuan of company shares. Skyverse: Plans to repurchase 100 million to 150 million yuan of company shares. Huafeng Shares: Plans to repurchase 15 million to 30 million yuan of company shares. Jiangsu Guotai: Plans to repurchase 25 million to 35 million yuan of company shares. Naipu Mining Machinery: Plans to repurchase 50 million to 80 million yuan of company shares. Zhixin Precision: Plans to repurchase 10 million to 15 million yuan of company shares. Shengyi Electronics: Dongguan Sci-Tech Investment Group plans to increase holdings by 50 million to 100 million yuan. WUS Printed Circuit: Actual controller plans to increase holdings by 20 million to 30 million yuan.

Other

Valin Steel: Subsidiary plans to implement phase three automotive sheet construction project with 3.147 billion yuan. COSCO Shipping Energy: Wholly-owned subsidiary plans to invest in building 10 new VLCC crude oil tankers. Longzhou Group: Plans to publicly transfer 51% equity and creditor's rights in Zhongqi Hongyuan, with total base price of 1.31 billion yuan. Dongguan Holdings: Plans to publicly transfer 50% equity in Dongneng Company and cease operating new energy vehicle charging and battery swap business. Jinyuan Group (shareholder rights): Plans to publicly transfer 100% equity in Guannan Jinyuan to reduce losses and risks. Hua Hong Semiconductor: Controlling subsidiary plans to publicly transfer 100% equity in Huahong Real Estate and related creditor's rights.