Pre-market highlights
1. The three major US stock indices collectively closed down, and Nvidia dropped more than 9%
Type: Market Sentiment Impact: Negative
The three major US stock indices collectively closed down on November 10. The NASDAQ fell 0.74%, the Dow fell 0.30%, and the S&P 500 index fell 0.38%. Nvidia fell more than 5%, fell more than 9% in the past two trading days, and the cumulative market capitalization evaporated by more than US$420 billion. The Philadelphia Semiconductor Index fell 0.35%, and chip stock trends diverged. Intel and ARM fell more than 2%, Broadcom rose nearly 4%, and TSMC rose more than 2%. The storage sector weakened, and Hynix fell more than 3%.
2. The US CPI increased 0.4% month-on-month in October, higher than market expectations
Type: Macro Sentiment Impact: Negative
US CPI increased 0.4% month-on-month in October, higher than market expectations, and core CPI increased 0.3% month-on-month. After the data was released, US bond yields jumped, and 2-year Treasury yields once rose 20 basis points to 4.77%. Traders maintained 100% expectations for the Federal Reserve's interest rate hike in December, and increased their bets on at least two rate hikes before mid-2027. Dallas Federal Reserve Chairman Logan said he still believes it is necessary to raise interest rates by at least two 25 basis points, and the pace may be faster than the Federal Reserve's actions this fall.
3. Shanghai issued the “15th Five-Year Plan” for the marine economy, pointing to the value added of the marine industry at 350 billion dollars
Type: Industry sentiment Impact: Positive
The Shanghai Maritime Administration issued the “15th Five-Year Plan” for Marine Economic Development in Shanghai, which proposes that the marine industry will add no less than 350 billion yuan in value by 2030. The plan clearly accelerates the development of ocean observation equipment, marine satellite communications, underwater communication and navigation, etc., and promotes the development and application of key equipment such as marine sensors, marine intelligent robots, and submersibles. At the same time, research and build an ocean data trading platform to encourage the development of large-scale models in the marine field.
4. Ali plans to split Pingtou Ge and go on an independent listing on the main board of Hong Kong
Type: Company Sentiment Impact: Positive
Alibaba announced that it plans to split its wholly-owned subsidiary Pingtouge (Shanghai) Technology Co., Ltd. and go independently listed on the main board of the Hong Kong Stock Exchange. Ping Tou has submitted a confidential listing application to the Hong Kong Stock Exchange on September 11.
Investment calendar
November 11-13 17th Caixin Summit (Beijing)
Institutional views
1. CITIC Securities: A-shares have experienced the pain of growth and the revaluation of Baima. White Horse's blue chip, which is clear on the supply side, may usher in a revaluation.
2. Huayuan Securities: The Federal Reserve held interest rates unchanged in October and voted 10:2 to suspend interest rate hikes without changing inflation restrictions.
3. Cathay Pacific Haitong: The overall performance of the construction industry in the 2026 three-quarter report is under pressure. Clean rooms and steel structures performed well.
Positive and negative outlook
1. OpenAI end-side product delivery is imminent, AI glasses are simultaneously catalyzed
Type: Hot Market Discussion
Trend Research Report: OpenAI end-side products are being picked up soon. Meta and Apple AI glasses are simultaneously forming catalysts, and the pressure on cost-side storage price increases is gradually loosening, and the industry chain is expected to benefit from the end-side AI hardware release cycle.
2. After external disturbances are marginally mitigated, the market is expected to take the lead in valuation restoration
Type: Agency Hot Reviews
CICC: Recent external disturbances have shown signs of abating, and the profit side is still resilient. If marginal easing is achieved, the market is expected to fix the valuation first, and A-shares may continue the structural market.
3. The commercialization and popularization of humanoid robots is expected to be delayed by one year
Type: Agency Hot Reviews
Morgan Stanley: Due to factors such as falling prices and limited product maturity, the commercialization of humanoid robots is expected to be delayed by about a year, and progress towards large-scale development is still needed.
Announcement Express
Positive announcements
1. Qingdao Food: The controlling shareholder Huatong Group plans to transfer 29.24% of the company's shares to Tsing Beer Group with 965 million yuan. After completion, the controlling shareholder will be changed to Tsing Beer Group
2. Guangdong Expressway A: Plans to acquire 25% of Guangzhu Duan Company's shares and 25% of Yuezhao Company's shares for 1,437 billion yuan in cash. After completion, the shareholding ratios will reach 100% and 50% respectively
3. Huali Group: Plans to invest no more than 500 million US dollars in O-Net Technologies with its own capital and obtain no more than 25% of the shares
Negative announcements
1. ST Longda: Due to suspected information disclosure violations, the Securities Regulatory Commission decided to file a case against the company
2. ST Zhongzhu: Wholly-owned subsidiary terminates capital increase and share expansion agreement
3. Liwang Shares: Employee Stock Ownership Platform Plans to Reduce Shareholding
Overseas markets
The three major US stock indices collectively closed down. The NASDAQ fell 0.74%, the Dow fell 0.30%, and the S&P 500 fell 0.38%; US CPI exceeded expectations in October, US bonds were sold off, and 2-year yields once soared by 21 basis points. The Dallas Federal Reserve Chairman said interest rates needed to be raised twice more. Chip stocks diverged, with Nvidia falling more than 5%, falling more than 9% in the past two days, and Broadcom rising nearly 4%. Livermore's leading Chinese securities index closed down 0.39%, Futu Holdings fell more than 5%, and NIO and iQiyi fell more than 3%. Spot gold fell 2.59%, and WTI crude oil fell 0.93%.