A-share Market Close | Shanghai Composite Index Rises 1.08%, AI Comic Drama Concept Triggers Wave of Limit-Ups

On November 2, A-shares opened broadly higher, briefly pulled back, then fluctuated upward, paring gains after an intraday surge. All five major indices closed higher, with the STAR 50 leading. At the close, the Shanghai Composite Index rose 1.08% to 3,638.03 points, the Shenzhen Component Index rose 1.63% to 11,010.68 points, the ChiNext Index rose 1.87% to 2,458.70 points, the STAR 50 rose 3.11% to 1,196.94 points, and the BSE 50 rose 0.58% to 890.86 points. Combined turnover of the Shanghai and Shenzhen markets was RMB1.78369 trillion, up RMB109.222 billion from the previous trading day. In the Shanghai and Shenzhen markets, 4,681 A-share stocks rose, 818 fell and 78 were flat, with 132 hitting the daily limit-up and 11 hitting the daily limit-down; advancing stocks accounted for about 83%. By sector, digital media rose 11.32%, film and cinema lines rose 10.02%, gaming II rose 8.28%, software development rose 6.52%, television and broadcasting II rose 6.30%, and small household appliances rose 6.30%. The biggest decliners were precious metals, down 3.10%, city commercial banks II, down 1.95%, coal mining, down 1.48%, coal, down 1.33%, and banks, down 0.84%. Among SW Level-1 industries, media rose 7.77% and computers rose 4.96%, while non-ferrous metals fell 0.40%. Drivers On November 2, the People's Bank of China and the China Securities Regulatory Commission convened a meeting with some securities firms and fund companies to study ways to promote the use of capital market support tools. On the same day, the People's Bank of China, the National Financial Regulatory Administration and the CSRC convened a meeting with major banks to study optimizing the relending policy for share buybacks and increased holdings. CCTV Finance reported that about 10 Chinese companies have currently established overseas short-drama platforms, and more than ten short-drama apps going overseas have launched dedicated AI comic-drama channels. Active users of AI comic dramas in overseas markets have overall exceeded 150 million, and Chinese companies occupy nine of the top ten paid overseas short-drama apps. The National Press and Publication Administration on October 29 published approval information for domestic online games in October 2026, with 195 online games approved that month, including 183 domestic online games and 12 imported online games. Kweichow Moutai disclosed its third-quarter report on the evening of October 30, with third-quarter operating revenue of RMB40.267 billion, up 3.08% year on year, and net profit attributable to shareholders of RMB19.951 billion, up 3.78% year on year. Sinolink's third-quarter report showed net profit attributable to shareholders of RMB2.006 billion for the first three quarters, up 18.01% year on year. Bank of Shanghai disclosed its third-quarter report on the evening of October 30, with third-quarter operating revenue of RMB11.768 billion, down 14.71% year on year, and net profit attributable to shareholders of RMB350 million, down 92.77% year on year. Hot sectors 1. AI comic dramas and media: digital media rose 11.32%, film and cinema lines rose 10.02%, gaming II rose 8.28%, and television and broadcasting II rose 6.30%, while the SW Level-1 media industry rose 7.77%. Mango Excellent Media, Hicon Network Technology, Zhejiang Whyis Technology, Guomai Culture & Media and Beijing Jetsen Technology all hit the 20CM daily limit-up, closing at RMB26.76, RMB23.16, RMB81.44, RMB39.19 and RMB5.64, respectively. Alpha Group, Shanghai Film, Hangzhou Electronic Soul Network Technology, Giant Network Group and Heilongjiang Publishing & Media Holdings hit the daily limit-up. Cultural Investment Holdings opened at the limit-down price of RMB1.84 and closed at the limit-up price of RMB2.24. On the news front, CCTV Finance reported that active users of overseas AI comic dramas have exceeded 150 million and that Chinese companies account for nine of the top ten paid overseas short-drama apps. A Huafu Securities research report dated October 22 argued that AI comic dramas are succeeding live-action short dramas and becoming the industry's core incremental growth driver, with the supply side's video large models iterating along the main lines of "cost reduction, capability and efficiency." 2. Baijiu: baijiu II rose 3.07%. Sichuan Swellfun, Gansu Huangtai Wine-Marketing Industry and Anhui Golden Seed Winery hit the daily limit-up, closing at RMB28.12, RMB15.60 and RMB7.72, respectively; Gansu Huangtai Wine-Marketing Industry marked its second consecutive trading day of limit-up. Kweichow Moutai rose 3.38% to RMB1,439.10, returning above RMB1,400, with an intraday high of RMB1,447.00, the highest price since April 17, 2026. On the news front, Kweichow Moutai's third-quarter operating revenue was RMB40.267 billion, up 3.08% year on year, and net profit attributable to shareholders was RMB19.951 billion, up 3.78% year on year. According to Wind data, 19 listed baijiu companies have wrapped up their third-quarter reports, with six posting year-on-year growth in third-quarter net profit attributable to shareholders and 10 posting quarter-on-quarter growth. 3. Brokerages and financial IT: securities II rose 4.66%, and the securities IT concept rose 10.04%. Sinolink and The Pacific hit the daily limit-up, closing at RMB8.45 and RMB3.54, respectively. Shenzhen Infogem Technologies hit the 20CM daily limit-up at RMB26.68. On the news front, on November 2 the People's Bank of China and the CSRC convened a meeting with some securities firms and fund companies to study ways to promote the use of capital market support tools. On the same day, the People's Bank of China, the National Financial Regulatory Administration and the CSRC convened a meeting with major banks to study optimizing the relending policy for share buybacks and increased holdings. Sinolink's third-quarter report showed net profit attributable to shareholders of RMB2.006 billion for the first three quarters, up 18.01% year on year. Sectors in correction Precious metals fell 3.10%, city commercial banks II fell 1.95%, coal mining fell 1.48%, coal fell 1.33% and banks fell 0.84%, making them the biggest decliners among SW Level-2 and Level-1 industries on the day. Among SW Level-1 industries, non-ferrous metals fell 0.40%. Among individual stocks, Chifeng Jilong Gold Mining fell 5.85% to RMB31.04 and Shanjin International Gold fell 6.42% to RMB20.26. Bank of Shanghai fell 8.81% to RMB8.49; the bank's third-quarter report disclosed on the evening of October 30 showed third-quarter operating revenue of RMB11.768 billion, down 14.71% year on year, and net profit attributable to shareholders of RMB350 million, down 92.77% year on year.