The Zhitong Finance App learned that on November 12, the Shanghai Index opened 0.21% lower to 3673.06 points, the Shenzhen Index opened 0.25% lower to 11,361.82 points, and the GEM Index opened 0.50% lower to 2559.16 points. Science Innovation 50 opened 0.16% to 1302.50 points.
As of 9:31, a total of 2,379 companies in the Shanghai and Shenzhen markets had risen, 2,726 were down, and 475 were flat.
The increase was highest: kitchen and bathroom appliances, marine equipment, communication equipment, semiconductors, non-metallic materials, agricultural product processing, etc.; the decline was highest: precious metals, cultural media, film and television lines, etc. (as of 9:31).
Market conditions
After the opening of the market, the decline of the three major indices narrowed rapidly. As of 9:31, the Shanghai Index reported 3679.09 points, down 0.04%; the Shenzhen Index reported 11387.33 points, down 0.02%; the GEM Index reported 2574.55 points, up 0.10%, changing from decline to increase; and Science and Innovation 50 reported 1313.23 points, up 0.99%. The Shanghai Index had an intraday low of 3673.05 points, which was basically the same as the opening price, and has not declined since then. From a structural point of view, communication equipment, semiconductors, and non-metallic materials were at the top of the increase, while precious metals, cultural media, and film and television lines declined. At the level of individual stocks, there are still many declines and few gains: the number of those that have risen accounts for 42%, rising and stopping at 17, and falling to zero. Turnover readings fluctuated greatly within a few minutes after opening, so this data was not quoted.
Overnight quick facts
US stocks closed higher on November 11: the Dow rose 0.49% to 52486.49 points; the NASDAQ rose 1.60% to 25466.19 points; the S&P 500 rose 1.31% to 7619.38 points; the Philadelphia Semiconductor Index rose 5.66%, leading the way in the storage and optical communications sector; gold futures fell 0.89% to $3994.30 per ounce.
The central bank reiterated moderate easing: the monetary policy implementation report for the third quarter proposed insisting on implementing a moderately loose monetary policy, strengthening the implementation of two monetary policy tools to support the capital market, and making good use of the large redemptions and swaps between non-banks in the bond market; the amount of refinancing for scientific and technological innovation and technological transformation increased by 200 billion yuan, and the support ratio was raised from 60% to 100%.
Optical module import restrictions are taking a turn: According to reports from the Shanghai Securities News and China News Agency, Microsoft and many other international technology companies have been lobbying the US government to abandon plans to ban the import of new optical transceivers from China; such devices are a key component of AI data centers. Some storage manufacturers have conveyed their intention to increase the price of the fourth quarter contract to the channel.
Trend analysis
After the three major indices opened low, the decline narrowed rapidly; Science Innovation 50 took the lead in rising, and capital flows were in the direction of hard technology such as communication equipment and semiconductors. On November 11, the Shanghai Index rose 0.46% to 3680.64 points, and the GEM index rose 3.11% to 1.68 trillion yuan, an increase of 171.5 billion yuan over the previous trading day.
On the policy side, moderate easing was reiterated, and the two monetary policy instruments supporting the capital market continued to be strengthened; external restrictions also showed simultaneously. The US CPI and core CPI both exceeded expectations month-on-month. Expectations of interest rate hikes in December heated up, the US dollar index strengthened, and the price of gold fell below 4,000 US dollars.
The institutional consensus bias is that the rebound is expected to continue, but sustainability depends on whether capacity can be handled; structurally, technological growth and domestic demand may alternate between pro-cyclical performance.