Topic: Shock, momentum, grasp balanced allocation, closely adhere to the dual main lines of low valuation and policy
1. He Lifeng, member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, visited Hubei and Hunan for investigation from November 18 to 20. He Lifeng emphasized that we will continue to promote the quality and efficiency of foreign trade and open up bottlenecks in the construction of a unified national market.
2. He Yongqian, spokesperson of the Ministry of Commerce, said at a regular press conference yesterday that recently, Japanese Prime Minister Sakaimi Takashi publicly made Taiwan-related erroneous remarks, fundamentally damaging the political foundation of Sino-Japanese relations and affecting economic and trade exchanges and cooperation between the two sides. It has brought serious negative impacts. China urges Japan to take a responsible attitude towards history and Sino-Japanese relations, retract its mistakes and deeds, earnestly fulfill its commitments to China, and create a good environment for economic and trade cooperation between the two countries. He Yong took a step forward and said that if Japan insists on its own course and continues to move further and further down the wrong path, China will resolutely take necessary measures and Japan will bear all consequences.
3. Foreign Ministry Spokesperson Mao Ning held a regular press conference yesterday. A reporter asked that the spokesperson had said that Premier Li Qiang had no arrangements to meet with Japanese leaders during the G20 summit, but Japan has repeatedly claimed that it is "open to dialogue and contact with China." Mao Ning responded that Premier Li Qiang had no arrangements to meet with Japanese leaders and asked Japan to respect itself.
4. According to reports, the South Korean Ministry of Culture received a notice from China that it will postpone the trilateral meeting of cultural ministers of China, Japan and South Korea originally scheduled to be held this month. In response, Mao Ning said at a regular press conference yesterday that Japanese leaders openly made extremely wrong Taiwan-related remarks, hurting the feelings of the China people, challenging the post-war international order, and undermining the foundation and atmosphere of trilateral cooperation between China, Japan and South Korea. As a result, the conditions for holding relevant meetings between China, Japan and South Korea are temporarily not available.
5. Swift released a monthly RMB report and statistical statistics on November 20. In October, in the global payment currency ranking based on amount statistics, the RMB ranked the sixth most active currency in the world, accounting for 2.47%, with international payments outside the euro zone as a statistical criterion, and the RMB ranked seventh, accounting for 1.87%.
6. On November 20, Minister of Commerce Wang Wentao held a video meeting with British Secretary of Commerce Peter Kyle at the request of the Secretary of Commerce to exchange in-depth views on Anshi Semiconductor issues. Wang Wentao said that China has taken a responsible attitude and exempted exports for civilian purposes that meet regulations, and the crisis in the global semiconductor production and supply chain has been alleviated to a certain extent. The Dutch side's recent initiative to suspend the administrative order is the first step in the right direction to properly resolve the problem. Kyle said that the UK is willing to communicate with the Netherlands on this issue and jointly promote the restoration of security and stability in the global semiconductor production and supply chain as soon as possible.
7. Chicago Fed President Goolsbee said that there will eventually be considerable room for interest rates to be lowered. But in the short term, he felt a little uneasy about cutting interest rates too quickly and too much in the early stages and expecting 'inflation to fall back after a short-term rise.'
8. Hassett, director of the White House National Economic Council, said that the negative impact of the U.S. government shutdown was greater than expected. Data shows that interest rates should be cut in December.
9. The Office of the President of Ukraine announced that President Zelensky has officially received the draft peace plan for the Russia-Ukraine conflict submitted by the United States. Zelensky is expected to hold a phone conversation with President Trump in the near future to conduct detailed consultations on existing diplomatic possibilities and core elements of achieving peace.
1. China Chemical and Physical Power Supply Industry Association will issue the "Notice on Referring to the Lithium Iron Phosphate Cost Index and Standardizing Industry Development." The "Notice" recommends that companies should use the industry average cost range disclosed by the association on November 18 as an important reference for quotations and not break through the cost red line to carry out low-price dumping.
2. The Ministry of Finance, together with the Ministry of Industry and Information Technology, studied and drafted the "New Energy Vehicle Government Procurement Demand Standards (Draft for Comments)". The draft opinion proposes that the Treasury Department of the Ministry of Finance will update this standard in a timely and dynamic manner based on the development of the new energy vehicle industry, including the configuration, performance, safety and quality indicators of new energy vehicles.
3. The People's Government of Guangdong Province issued the "Guangdong Province National Digital Economy Innovation and Development Pilot Zone Construction Plan (2025-2027)", which proposes that by 2027, the scale of the artificial intelligence core industry will exceed 440 billion yuan, the digital transformation of industrial enterprises above designated size will exceed 60,000, and the computing power scale will exceed 60EFLOPS.
4. Jin Yuzhi, CEO of Huawei Smart Car Solutions BU, said that Huawei Gankun is conducting road tests on the high-speed L3 in seven cities including Beijing, Guangzhou, Shenzhen, Hefei, Wuhan, and Chongqing to make final preparations for the official commercial use of the high-speed L3.
5. Data released by the Passenger Federation Branch shows that from January to October 2025, China's new energy vehicle output was 12.672 million units, a year-on-year increase of 28.1%, and the cumulative penetration rate reached 46.4%.
6. Science and Technology Innovation Daily-Wei Shaojun of China Semiconductor Industry Association said in his speech that from 2006 to 2025, the compound annual growth rate of China's chip design industry is 19.6%, and the industrial scale is expected to hit one trillion yuan before 2030. As of now, 73,200 chip-related companies have been registered in my country in 2025, which has exceeded the entire year of 2024, an increase of 20.6% compared with the same period in 2024.
1. Moore Thread announced that the offering price is 114.28 yuan/share.
2. Netease's net income in the third quarter was 28.4 billion yuan, a year-on-year increase of 8.2%; net profit attributable to the company's shareholders under non-GAAP was 9.5 billion yuan, compared with 7.5 billion yuan in the same period last year.
3. Tuojing Technology announced that large funds plan to reduce their shares by no more than 3%.
4. Straits Innovation Announcement: Stock suspension verification has been completed and trading will resume today.
5. Pingtan Development Announcement, the suspension verification was completed and the stock trading resumed.
6. Fosun Pharma announced that the drugs of its holding subsidiaries have been included in the breakthrough treatment drug program, and no monoclonal antibody drugs targeting PD-1 have been approved for neoadjuvant/adjuvant treatment of gastric cancer worldwide.
7. Yiwei Lithium Energy announced that it has signed a 2026-2028 battery cell procurement framework agreement with Simmore International.
8. Jin Longyu said at the Investor Online Collective Reception Day event that the semi-solid-state series batteries have passed customer testing and received orders.
9. Shenzhen Technology announced that as a leading domestic high-end memory chip packaging and testing company, Shenzhen and Hefei are currently at full production and are expanding production based on customers 'recent needs.
10. Daye announced that the EU has launched an anti-dumping investigation against China's mowing robots, and the company will actively respond.
11. Shengyi Electronics announced that shareholder Dongguan Science and Technology Innovation Investment Group plans to reduce its shares by no more than 1.00%.
12. Xiaomi Group announced that it would spend more than HK$500 million to repurchase shares on November 20, the largest scale in recent times.
13. Wenfeng announced that Qin Guofen, deputy general manager of the company, was investigated and detained measures were implemented.
14. Huarong Chemical announced that it has not yet introduced customers in the fields of photoresist or lithography machines.
15. Hefei China announced that if the stock price rises further abnormally, it may apply for suspension verification.
16. Xinhongze announced that during the abnormal fluctuations in the company's stock, Yize Holdings had reduced its shares in the company.
1. The U.S. stock market staged a roller-coaster ride. Although Nvidia's strong earnings report once significantly boosted market sentiment, and the Nasdaq index once rose more than 2%, as valuation concerns returned and interest rate cuts were further frustrated, all three major indexes closed down. As of the close, the Dow Jones index fell 0.84%, and the S & P 500 index fell 1.56%, and the Nasdaq Composite Index fell 2.15%. Large technology stocks fell collectively, with AMD falling more than 7%, Oracle falling more than 6%, and NVIDIA falling more than 3%.
2. Most of the popular Chinese stocks fell. The Nasdaq China Golden Dragon Index closed down 3.26%, NIO fell more than 6%, Xiaopeng Automobile fell more than 5%, Beili Beili and Baidu fell more than 4%, Alibaba fell more than 3%, Ideal Car and Iqiyi fell more than 2%.
3. Amid the turmoil in U.S. stocks, the cryptocurrency market continued its decline. Bitcoin once fell by more than 4%, falling below US$87,000 for the first time since April.
4. Zelensky will negotiate a draft peace plan with Trump. International oil prices fell. The WTI January contract fell 0.42%, and the settlement price was quoted at US$59.00. Brent January futures fell 0.20%, settling at $63.38 a barrel.
5. Employment data made the prospects of the Federal Reserve's interest rate cut unclear, and the US dollar hit a six-month high. Spot gold was basically flat, while spot silver fell about 1.47%.
1. OpenAI and Target work together to bring new AI-driven experiences into the retail space
According to media reports, OpenAI and Target have joined forces to bring new AI-driven experiences into the retail space. Through the Target app in ChatGPT, customers can get personalized recommendations, add the items they need to a multi-item shopping basket, and use Drive Up, pick up or transport to check out. Target joins more than 1 million OpenAI enterprise customers, leveraging the OpenAI model to support core products and platforms. Under the partnership agreement, Target will continue to use OpenAI APIs and ChatGPT Enterprise to increase employee productivity and enhance customer experience.
Industrial Securities believes that recent progress in AI applications has been intensive, and leading manufacturers have accelerated their investment in model capabilities, agent frameworks and C-side ecosystems. Ali's upgrade to "Tongyi-Qwen" is the most prominent. At the same time, MiniMax and Dark Side of the Moon have released new models for agents, driving the simultaneous advancement of models, applications and computing power levels. Overall, AI applications have entered a new catalytic stage in a correct manner, and consumer Internet and marketing-related scenarios are expected to benefit first.
2. In October, the added value of the non-ferrous metal industry above designated size actually increased by 4.0% year-on-year
According to the Information and Statistics Department of China Nonferrous Metals Industry Association, the overall production of nonferrous metals industry maintained reasonable growth, and fixed asset investment maintained a steady growth momentum. In October, the added value of the non-ferrous metal industry above designated size actually increased by 4.0% year-on-year (the growth rate of added value is the actual growth rate after deducting price factors, the same below); from January to October, the added value of the non-ferrous metal industry above designated size actually increased year-on-year by 7.4%, the growth rate was 0.4 percentage points lower than the previous three quarters and 1.3 percentage points higher than the growth rate of the added value of industries above designated size.
CICC stated that the "15th Five-Year Plan" will continue to emphasize the development and reserve of strategic mineral resources and consolidate national resource security. Looking to the future, the non-ferrous industry is expected to usher in a bull market in which money, demand and supply resonate upwards. Against the background that nonferrous metals prices are expected to rise as a whole, the increase in reserves and production and the "15th Five-Year Plan" will further activate the growth of China's mining companies. Nonferrous metals mining companies are expected to usher in a period of major development opportunities, with prominent allocation value.
Straits Innovation: The suspension verification is over, and the stock will resume trading tomorrow.
Pingtan Development: The suspension verification work has been completed and the company's shares will resume trading on November 21.
7. Jointly listed Jiu Mu Wang: There are risks of overheating market sentiment and irrational speculation in the company's stock trading.
Hefei China: The cumulative increase in the company's share price has seriously deviated from fundamentals, and investors may face greater risks when participating in transactions.
Vanke A: The extraordinary shareholders 'meeting approved Shenzhen Railway Group's proposal to provide shareholder loans to the company.
Dongfang Yuhong: The subsidiary plans to acquire a 60% stake in Novakem in Brazil to promote the development of overseas business.
Junting Hotel: It plans to acquire the remaining 21% equity of Junlan Management for RMB 79.8 million.
Quan Yin High-Tech: China Stock Group plans to make an offer to acquire 20% of the company's shares.
Huidian Shares: It plans to purchase a 15% stake in Shengweice for 19.0091 million euros.
Aidi Precision: It plans to buy back the company's shares by RMB 100 million to RMB 200 million.
Aviation Materials Shares: It is planned to repurchase the company's shares by RMB 50 million to RMB 100 million.
Tuojing Technology: The National Integrated Circuit Fund plans to reduce its shares in the company by no more than 3%.
Gold digging: The controlling shareholder plans to reduce its shareholding in the company by no more than 3%.
New City: The controlling shareholder plans to reduce its shareholding in the company by no more than 3%.
China Xidian: General Electric Singapore plans to reduce its stake in the company by no more than 3%.
Huaya Intelligence: Several shareholders plan to reduce their shares in the company by no more than 2.98%.
China Nuclear Construction: As of October, a total of 123.84 billion yuan in new contracts have been signed.
Nanqiao Food: Net profit in October decreased by 82.28% year-on-year.
Qinglong Pipe Industry: Won the bid for a 294 million yuan pipe procurement project.
Lake Electric: Plans to sell 90% equity in Precision Machinery.
Kesi Shares: The actual controller was changed to Zhou Xuming.
Jinfu Technology: The controlling shareholder terminated the agreement to transfer 6.6% of the company's shares.
Wenfeng Shares: Qin Guofen, deputy general manager of the company, was detained.
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