On November 27, the market experienced a high and then a pullback, with both the STAR Market 50 and the ChiNext Index giving back over 2% of their gains to close lower.
The A-share market had a total transaction volume of 1.72 trillion yuan, compared to 1.8 trillion yuan the previous day. The net outflow of main funds in Shanghai and Shenzhen was 26.5 billion yuan, showing an increase in volume.
In terms of themes: the rotation of individual stocks accelerated, with increased randomness; 2,790 stocks rose while 2,447 fell. The sectors of solid-state batteries, consumer electronics, robotics, commercial aerospace, flu medications, Shaanxi, organic silicon, non-ferrous metals, oil, coal, and daily chemicals saw significant gains. In contrast, sectors such as AI applications, real estate, cultivated diamonds, Hainan, and SPD experienced notable declines.
1. Solid-state batteries and consumer electronics: After a high retreat of AI hardware represented by CPO, some technology funds have entered these two sectors.
2. Commercial aerospace: The effects of previous policy battles have weakened, but the long-term trend for the industry remains positive.
3. Flu medications: The flu season continues, with the number of infections on the rise.
4. Shaanxi: The Shaanxi provincial government has introduced sixteen measures to deepen capital market reforms to support high-quality development in Shaanxi, promoting qualified securities companies to advance mergers and acquisitions according to market-oriented and legal principles.
5. Real estate: Vanke is facing difficulties in debt repayment, with a significant increase in default risk. The fundamentals of the real estate market show no signs of bottoming out, and Vanke is merely a microcosm of the situation.
6. Organic silicon, non-ferrous metals, oil, and coal: The overseas interest rate cut cycle is favorable for upstream resource stocks.
On November 25, Dow Chemical announced to its partners in Greater China that its consumer solutions organic silicon business line (Xiameter) will implement a price increase of 10-20% for major products starting December 10 (or as per contract terms).
Others: 1. DeepSeek launched the DeepSeekMath-V2 model, focusing on self-verifying mathematical reasoning capabilities. It achieved gold medal levels in both IMO 2025 and CMO 2024, scoring 118/120 in Putnam 2024.
Beijing plans to build and operate a centralized large-scale data center system with over a gigawatt (GW) of power in a 700-800 km morning and evening orbit to realize the deployment of large-scale AI computing power in space.
According to the planning scheme released at the promotion meeting, the data center system consists of space computing power, relay transmission, and ground control subsystems. The construction of the data center is divided into three phases: from 2025 to 2027, breakthroughs in key technologies such as energy and heat dissipation will be achieved, and experimental satellites will be developed to establish the first phase of the computing power constellation; from 2028 to 2030, breakthroughs in key technologies such as on-orbit assembly and construction will be made to reduce construction and operational costs, establishing the second phase of the computing power constellation; from 2031 to 2035, large-scale production and network launch of satellites will be carried out, completing the construction of a large-scale space data center through on-orbit docking.
The AI industry continues to develop.
2. The National Development and Reform Commission: Attention should be paid to the risk of a high number of humanoid robot products being launched simultaneously.
Be cautious of short-term high risks in robotics.
Recent focus areas: Domestic semiconductors, AI, low-altitude economy, robotics
Mid-term focus areas: Digital economy, commercial aerospace, new energy, Mash
Opportunities in the stock market arise from declines, while risks emerge from rises. The third phase of the bull market in A-shares has begun; do not chase highs or panic sell. That’s all for now, good night!