A-share Evening Highlights | US CPI Exceeds Expectations! Gold Falls Below $4,040

Evening Highlights 1. US October CPI rose 0.4% month-on-month, exceeding expectations; gold fell below $4,040 Importance: At 21:30 on November 10, the US Bureau of Labor Statistics announced that the October Consumer Price Index (CPI) rose 0.4% month-on-month, compared with an estimate of 0.3% and a previous value of 0.6%; core CPI rose 0.3% month-on-month, compared with an estimate of 0.2% and a previous value of 0.3%. The Bureau of Labor Statistics said that due to last year's government shutdown, it would not publish year-on-year October CPI data. According to Cailianshe, after the data was released, traders kept their expectation of a Federal Reserve rate hike in December at 100%, increased bets on at least two rate hikes by mid-2027, and raised bets on a 0.5 percentage point hike next month. The US 2-year Treasury yield rose 15 basis points that day to 4.71%, and the 10-year yield rose 10 basis points to 4.99%. According to Sina Finance, as of 22:42, spot gold fell below $4,040/oz, down 2.53% intraday; spot silver was reported at $51.75/oz, down 3% intraday. The three major US stock indices opened lower that day, with the Dow down 0.47%, the S&P 500 down 0.66%, and the Nasdaq down 0.99%. 2. General Administration of Customs: Goods trade imports and exports in the first 10 months totaled RMB44.81 trillion, up 20% year-on-year Importance: The General Administration of Customs released data on November 10. In the first 10 months of this year, China's total goods trade imports and exports were RMB44.81 trillion, up 20% year-on-year. Among them, exports were RMB25.99 trillion, up 17.6%; imports were RMB18.82 trillion, up 23.6%. In October alone, imports and exports were RMB4.87 trillion, up 31.2%, of which exports were RMB2.79 trillion, up 28.7%, and imports were RMB2.08 trillion, up 34.7%. As of October, both China's imports and exports had maintained double-digit growth for six consecutive months. 3. Alibaba plans to spin off T-Head for a Hong Kong listing; institutions value it at $20 billion to $30 billion Importance: Alibaba announced on the evening of November 10 that it plans to spin off its wholly owned subsidiary T-Head (Shanghai) Technology Co., Ltd. for a separate listing on the Main Board of the Hong Kong Stock Exchange. The announcement said the Hong Kong Stock Exchange has confirmed that the company may proceed with the spin-off, and T-Head submitted a listing application (Form A1) to the Hong Kong Stock Exchange in confidential form on September 11, 2026. The spin-off is proposed to be carried out through a global offering of H shares, including a Hong Kong public offering and placing to institutional and professional investors; after completion of the spin-off, T-Head is expected to remain a subsidiary of Alibaba. According to 21 Finance, a professional investment institution source said in an interview with reporters that the valuation given to T-Head was $20 billion to $30 billion. Alibaba said T-Head is currently China's leading full-stack data center chip supplier. 4. NDRC: Increase the supply of silver-haired tourism trains and cruise travel products Importance: The National Development and Reform Commission held a press conference on November 10 in its "Striving for the 15th Five-Year Plan" series, introducing matters related to improving people's wellbeing. Zhang Luqin, deputy director of the Price Department, said that it will expand age-friendly consumption scenarios, promote the expansion and upgrading of the "15-minute convenient living circle," guide supermarkets to set up experience zones for specialty elderly products, and push e-commerce platforms to establish silver-haired consumption sections; at the same time, enrich silver-haired consumption formats, increase the supply of silver-haired tourism trains and cruise travel products, and build high-quality destinations for travel-based elderly care. The press conference proposed accelerating the research and application of age-friendly technology, focusing on promoting technological and product innovation in areas such as foods suitable for the elderly, rehabilitation care, and safety risk monitoring, and actively developing products and services such as brain-computer interfaces, smart assistive devices, and intelligent Siasun Robot&Automation. 5. China's total computing power reaches 3.1 million PFLOPS; drafting working group for embodied intelligence data standards established Importance: According to the National Data Administration on November 10, the National Data Standardization Technical Committee's second "Standards Week" event in 2026 was held that day in Xiamen, Fujian. The National Data Standardization Technical Committee formally established the drafting working group for embodied intelligence data standards, as well as four industry application standards drafting working groups for meteorology, health, electric power, and commerce, to accelerate the formulation of relevant standards in the data field during the "15th Five-Year Plan" period. The latest data show that China's total computing power has reached 3.1 million PFLOPS, ranking second in the world. 6. Brent crude fell below $90/barrel intraday for the first time since August Importance: On the evening of November 10, international oil prices extended their decline. According to stockq.org data, as of 22:20, Brent crude futures were reported at $89.51/barrel, down 3.31%, falling below the $90/barrel integer mark intraday; WTI crude futures were reported at $84.44/barrel, down 2.77%. According to GMTEight, as traders increased bets that the Middle East war may be resolved, the oil price decline deepened further, and US gasoline prices returned to the "3-dollar era." 7. Fed's Waller: Supports a December rate hike; would consider 50 basis points if inflation accelerates Importance: Federal Reserve Governor Waller said on November 10 that he supports a rate hike in December and warned that if inflation continues to accelerate, he would support a 50 basis point hike to safeguard the Fed's credibility. 8. China Chengtong: Plans about RMB150 billion in new fund investment during the "15th Five-Year Plan" Importance: According to a November 10 report by STAR Market Daily, reporters learned from China Chengtong's press event on a steady start to the "15th Five-Year Plan" that during the "15th Five-Year Plan" period, China Chengtong plans about RMB150 billion in total new fund investment, with no less than 80% of new investment going to the field of scientific and technological innovation. In terms of specific directions, no less than 24% will go to "bottleneck" fields such as integrated circuits, industrial mother machines, industrial software, and scientific instruments; no less than 20% to advanced basic materials, key strategic materials and frontier new materials, and energy conservation and environmental protection-related fields; and no less than 18% to intelligent manufacturing, major technical equipment manufacturing, and high-end aerospace equipment. Opportunity Outlook GMTEight sorts through the sectors with the highest attention that day and their catalyst events. 1. AI data center power supply: Shenzhen Honor Electronic's 5-kilowatt power modules customized for Google have entered the early production stage, with plans to deliver about 10,000 units for testing in the fourth quarter. 2. Warm and cold data storage: Huawei's new storage system is about to begin trial commercial use, moving from laboratory validation to joint validation in customers' real-world scenarios. 3. Liquid cooling: Google purchased cooling distribution units (CDUs) from Shenzhen Envicool Technology in the second half of 2026. 4. Insurance: Data from the Insurance Association of China show that in the first three quarters, original insurance premium income in the insurance industry was RMB5.26 trillion, up 0.9% year-on-year. 5. Brokerages: China Securities Co.,Ltd., Guosen, Zhongtai, Zheshang and others completed repurchase financing transactions on November 9 and completed the first batch of stock purchases. Among them, order visibility for AI data center power supply has recently improved. A Goldman Sachs research report on November 10, based on corporate day exchanges in Shenzhen earlier in November, reiterated "Buy" ratings on Shenzhen Kstar Science & Technology, Shenzhen Envicool Technology, Hongfa Technology, and Nantong Jianghai Capacitor, with 12-month target prices of RMB38.00, RMB52.00, RMB45.50, and RMB43.90, respectively. Goldman Sachs believes the near-term focus is on order fulfillment for high-power power supplies and ASIC liquid cooling, while the medium-term focus is on how 800V DC power supply changes the distribution of equipment value. It expects 2027 to be mainly local pilots, with deployment expanding in 2028 and beyond. The institution cited expert estimates that 2027 ASIC platform liquid cooling demand will be about $10.9 billion, already close to Nvidia's platform at $11.6 billion; the value of secondary-side liquid cooling per cabinet rises from $73,000 for GB300 to $95,000 for Vera Rubin NVL72. Shenzhen Kstar Science & Technology management said data center orders accelerated year-on-year from about 20% in the first quarter to 40%-50% in June-July. Selected Announcements Positive announcements 1. Yantai Jereh Oilfield Services Group: Plans to repurchase RMB100 million to RMB200 million of shares, with the repurchase price not exceeding RMB140/share 2. Wuhan Tianyuan Group: Plans to repurchase RMB50 million to RMB100 million of shares for cancellation and reduction of registered capital 3. Wuhan DR Laser Technology Corp.,: Plans to repurchase RMB50 million to RMB100 million of shares for an employee stock ownership plan or equity incentive 4. Shenzhen Pacific Union Precision Manufacturing: Controlling shareholder and actual controller Yang Hu plans to increase holdings by RMB10 million to RMB20 million 5. Guangdong Provincial Expressway Development: Plans to acquire 25% equity in each of Guangzhu Section Company and Yuezhao Company for RMB1.437 billion Negative announcements 1. Shandong Longda Meishi: Suspected of information disclosure violations, placed under CSRC investigation 2. Sichuan Zhongguang Lightning Protection Technologies: Banned from participating in military materials and engineering services procurement activities for 3 years 3. Sunstone Development: Actual controller's ex-wife seeks division of 23.7187 million shares, corresponding to market value of about RMB397 million 4. Dongguan Chitwing Technology: Received the Prior Notice of Administrative Penalty 5. Luoxin Pharmaceuticals Group Stock: Some shares held by shareholders with an aggregate stake of more than 5% are to be subject to judicial enforcement Tomorrow's Focus Watch on November 11: the National Development and Reform Commission's 10:00 press conference on Belt and Road cooperation, the Beijing Stock Exchange IPO subscription for Huasheng Intelligent (RMB23.52/share), and the US bond market closed for Veterans Day. Relevant arrangements are subject to exchange and company announcements.