A-share pre-market broadcast | Foreign exchange margin rate rose to 6%, NASDAQ fell 1.07%, repurchase and reloan interest rate cut
Pre-market highlights
1. US stocks surged and fell back, the NASDAQ fell 1.07%, and the Philadelphia Semiconductor Index fell 3.37%
Type: Market
Emotional impact: negative
US stocks surged higher and fell on November 2. The NASDAQ fell 1.07%, the S&P 500 index fell 0.5%, and the Dow rose 0.41%. Chip stocks generally fell, with the Philadelphia Semiconductor Index falling 3.37%, Cerebras falling 11.7%, Intel falling nearly 9%, Western Digital, AMD, and Seagate falling more than 7%, and SanDisk falling more than 6%. Most of the tech giants fell, with Microsoft down 2.86%, Apple down 1.72%, Nvidia down 1.23%, and Amazon up 2.23%.
2. The central bank raised the foreign exchange reserve ratio by 2 percentage points to 6% from November 15
Type: macro
Emotional impact: negative
The central bank announced on November 3 that in order to strengthen the foreign exchange liquidity management of financial institutions, it has decided to increase the foreign exchange reserve ratio of financial institutions by 2 percentage points from November 15, 2026, that is, the foreign exchange deposit reserve ratio from the current 4% to 6%.
3. Symposium of three departments: Repurchase, increase holdings and reloans, switch to long-term institutional arrangements, reduce interest rates to 1%
Type: macro
Emotional impact: positive
The Central Bank, the Financial Supervisory Authority, and the Securities Regulatory Commission held a symposium on two tools to support the capital market on November 2 to clarify that the refinancing policy for stock repurchases and increases holdings will be changed from a phased arrangement to a long-term institutional arrangement, and the reloan interest rate will be reduced from 1.25% to 1%. The conference revealed that the balance of the swap facilitation was 105 billion yuan, the contract amount for stock repurchase loans to increase holdings was about 440 billion yuan, and the cumulative amount disbursed exceeded 280 billion yuan. The central bank announced on the same day that it will launch the third convenient swap operation on November 3. The swap period is 1 year. Currently, 31 securities and fund companies have declared, and the application amount exceeds 100 billion yuan.
4. The “15th Five-Year Plan” implementation plan for the green development of civil aviation was issued. Carbon emissions per ton kilometer in 2030 will be reduced by 4% compared to the “14th Five-Year Plan”
Type: industry
Mood effect: neutral
The Civil Aviation Administration of China issued the “15th Five-Year Plan” for the Green Development of Civil Aviation. It is proposed that by 2030, a dual control system for total carbon emissions and intensity of the industry will be initially established, and carbon dioxide emissions per passenger throughput per kilometer of transport aviation and airport units will drop by 4% and 15%, respectively, compared to the “14th Five-Year Plan” period. The plan lays out seven key tasks, including promoting the safe and orderly replacement of sustainable aviation fuel and steadily promoting the integration of aviation into the national carbon emissions trading market.
Investment calendar
On November 3, the National Development and Reform Commission held the Endeavour “15th Five-Year Plan” series press conference
Institutional views
1. CITIC Securities: The adjustments are already ahead of this year. In 2027, “K-type convergence and market breadth expansion”, the allocation should be moderately scattered
2. SDIC Securities: Bonds “stay the middle and wait for change”. The Shanghai and Shenzhen 300 fell for 12 consecutive weeks, the longest since 2005
3. Guojin Securities: Two financings accelerate net outflows, stock ETFs continue to be underpinned, and the market is still facing trading disruptions such as rapid deleveraging
Positive and negative outlook
1. The US midterm elections will be held today
Type: Hot Market Discussion
Guosheng Securities: The US election on November 3 focused on whether the Democratic Party can win back both houses.
2. Apple and AMD release post-market earnings reports for US stocks today
Type: Agency Hot Reviews
CITIC Securities: After Intel's Q4 performance guidelines were completely missed, the market began to reassess the sustainability of EPS growth in AI assets with high consumer electronics exposure.
3. The Shenzhen APEC meeting was held from November 18 to 19
Type: Policy Focus
Guosheng Securities: At the APEC meeting in Shenzhen on November 18-19, the top levels of China, the US and Russia may meet.
Announcement Express
Positive announcements
1. Ningde era: As of October 31, a total of 19.6059 million shares were repurchased, with a total transaction amount of 5.360 billion yuan
2. Dahua Co., Ltd.: The subsidiary won the bid for China Mobile's next-generation artificial intelligence supernode equipment centralized procurement project, amounting to about 2.63 billion yuan
3. Co-creation data: The controlling shareholder plans to increase the company's shares within 6 months, with an amount not less than 500 million yuan and no more than 1 billion yuan
Negative announcements
1. Jinghuawei: The company and its controlling shareholder Lu Hanquan were sued by the Securities Regulatory Commission for suspected illegal disclosure of information
2. Keliyuan: The company and the controlling shareholder Keliyuan Group were sued by the Securities Regulatory Commission for suspected illegal disclosure of information
3. Maixinlin: The other party in the computing power equipment purchase contract has once again breached the contract, and the company has issued a reminder
Overseas markets
US stocks surged and fell on November 2. The Dow rose 0.41%, the NASDAQ fell 1.07%, and the S&P 500 index fell 0.51%; weighted technology stocks fell back down, with Microsoft falling 2.86%, Apple down 1.72%, and Nvidia 1.23%; chip stocks fell even deeper. The Philadelphia Semiconductor Index fell 3.37%, Intel fell nearly 9%, and Cerebras 11.7%. China Securities bucked the trend and strengthened. Livermore's China Securities Leading Index closed up 1.15%, and Bilibili rose more than 6%.