A-share Market Open Brief | Three Major Indices Open Higher Then Pull Back; Computing Power Chips Buck the Trend and Strengthen

Opening Data On November 13, the Shanghai Composite Index opened 0.08% higher at 3,658.72 points, the Shenzhen Component Index opened 0.34% higher at 11,236.16 points, and the ChiNext Index opened 0.64% higher at 2,525.39 points. The STAR 50 opened 1.56% higher at 1,330.28 points. As of 9:34, a total of 2,491 stocks in the Shanghai and Shenzhen markets were up, 2,783 were down, and 305 were flat. Top gainers: Huawei Siasun Robot&Automation concept, AI computing power chip concept, super node concept, semiconductors, energy metals, military electronics, etc.; top decliners: precious metals, baijiu, gaming, AI video concept, etc. (as of 9:34). Market Overview The three major indices opened higher collectively and pulled back in sync after the open. As of 9:34, the Shanghai Composite Index stood at 3,653.87 points, down 0.05%, retreating from its opening price of 3,658.72 points and falling below the previous trading day's close; the Shenzhen Component Index stood at 11,171.97 points, down 0.23%; the ChiNext Index stood at 2,496.20 points, down 0.53%, turning negative from an opening gain of 0.64%; the STAR 50 stood at 1,327.08 points, up 1.32%, the only one of the four in positive territory, with gains narrowing after touching an intraday high of 1,339.83 points. By structure, semiconductors, energy metals, military electronics, and home appliance components ranked among the top industry gainers, while concepts such as Huawei Siasun Robot&Automation, coreless motors, AI computing power chips, super nodes, and SRAM were active in tandem; precious metals, baijiu, gaming, and AI video concepts pulled back, with precious metals extending the previous trading day's leading decline. At the individual stock level, decliners remained in the majority, with gainers accounting for 44%, an improvement from fewer than 20% on the previous trading day; 13 stocks hit the daily limit up and 4 hit the limit down. Turnover readings fluctuated widely in the first few minutes after the open and were not cited. Overnight News at a Glance U.S. stocks closed lower on November 12 Eastern Time: the Dow fell 0.36% to 52,297.09 points, and the S&P 500 fell 0.35%. Nvidia's board approved Jensen Huang's resignation as president, chief executive officer, and director, with Chief Financial Officer Kress serving as interim chief executive officer; the stock fell 4.34%. WTI crude oil rose 2.55% to US$88.74. CSRC improves market-stabilization mechanism: On November 12, a relevant official of the CSRC said at the Shanghai Stock Exchange International Investors Conference that the two structural monetary policy tools will be fully utilized, securities and fund companies have conducted a third batch of swap facility operations totaling RMB100 billion, and support will be given to listed companies to increase buybacks and shareholding increases. Since the beginning of the year, medium- and long-term funds have net purchased more than RMB600 billion of A-shares. "15th Five-Year Plan" infrastructure blueprint clarified: According to the National Development and Reform Commission on November 12, during the "15th Five-Year Plan" period, the construction of a modern infrastructure system will be accelerated, with about 15,000 kilometers of new railways to be built, the completion rate of the main framework of the national comprehensive three-dimensional transportation network striving to reach 95% by 2030, and six national-level key commodity circulation corridors to be built. Trend Assessment The three major indices opened higher and pulled back in sync. As of 9:34, the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index had successively turned negative, with only the STAR 50 maintaining a gain of 1.32%; semiconductors, energy metals, and the Huawei Siasun Robot&Automation and AI computing power chip concepts were active against the trend, while precious metals and baijiu weakened. Overnight, the three major U.S. indices closed slightly lower, with Nvidia's management change and rising oil prices constituting two external threads; domestically, the market-stabilization mechanism continues to improve, and institutions mostly view the realization of domestic computing power capital expenditure as a structural mainline, with IDC, connectors, and switches seen as segments where results are landing faster. The overhead supply pressure around 3,700 points on the Shanghai Composite Index has not been digested, and the index may fluctuate between 3,650 and 3,700 points in the short term, with more structural opportunities than index upside.