A-share Opening Express | The three major indices collectively opened lower, and the media app side bucked the trend and strengthened

Opening data

The Zhitong Finance App learned that on November 3, the Shanghai Index opened 0.37% lower to 3624.58 points, the Shenzhen Index opened 0.69% lower to 10934.30 points, and the GEM Index opened 1.18% lower to 2429.77 points. Science Innovation 50 opened 1.04% lower to 1184.53 points.

As of 9:31, a total of 1192 companies in the Shanghai and Shenzhen markets had risen, 4,029 were down, and 357 were flat.

The increase was highest: precious metals, digital media, airports, games, cinema, publishing, etc.; the decline was the highest: communication equipment, components, semiconductors, CPO concepts, optical chips, physical AI concepts, etc.

The situation on the market

The three major indices opened lower across the board, and the growth side was weaker than the motherboard. The index continued to decline after opening. As of 9:31, the Shanghai Index reported 3613.52 points, down 0.67%, the Shenzhen Index reported 10,917.02 points, down 0.85%, the GEM Index reported 2422.28 points, down 1.48%, and the Science and Innovation 50 reported 1169.22 points, down 2.32%, the weakest of the four.

From a structural point of view, it presents “hardware regression, application progress”. Communications equipment, components, semiconductors, CPO concepts, and optical chips had the highest decline, in line with the overnight Philadelphia Semiconductor Index falling 3.37%, Intel falling 8.80%, and AMD falling 7.52%; digital media, film and television theaters bucked the trend, and concept indices such as Yuanmeng Star and iQiyi also ranked at the top of the increase; the precious metals sector rebounded with COMEX gold futures rising 1.83% overnight.

The media was the strongest main line at the opening, but the increase narrowed markedly within ten minutes of opening: as of 9:38, the increase in digital media had narrowed from over 2% during the intraday period to about 1.5%, and the film and television line had declined to 0.28%. Publishing and television broadcasting had already declined one after another, with declines of 0.26% and 0.39% respectively.

At the level of individual stocks, the range of decline was wide. The Shanghai and Shenzhen markets fell by 4,029, and only 1192 companies rose, accounting for about 21% of the increase, rising and stopping 16 companies and falling to 3, and the profit effect was weak.

Overnight quick facts

US stocks diverged, and the NASDAQ fell 1.07%: On November 2, the three major US stock indices closed with mixed ups and downs. The Dow rose 0.41% to 51983.98 points, the NASDAQ fell 1.07% to 25164.32 points, the S&P 500 fell 0.51%, and the Philadelphia Semiconductor Index fell 3.37%. The December contract for New York crude oil fell 7.36% to $96.46.

Two more tools for stabilizing the market: On November 3, the central bank launched the third convenient exchange operation for securities, funds, and insurance companies. The period was 1 year. 31 securities and fund companies declared their requirements, and the application amount exceeded 100 billion yuan. Stock repurchases and reloans were changed from phased arrangements to long-term institutional arrangements, and interest rates were reduced from 1.25% to 1%.

The China Shanghai Association released three quarterly business performance reports: 5578 listed companies in the market had total revenue of 56.8 trillion yuan and net profit of 5.1 trillion yuan in the first three quarters, up 5.9% and 8.5% year-on-year respectively; of these, 5224 companies in the Shanghai and Shenzhen markets had revenue of 56.6 trillion yuan and net profit of 5.1 trillion yuan, up 5.8% and 8.5%, respectively. Since the beginning of the year, net purchases of A-shares with medium- to long-term capital such as social security, pensions, and insurance have exceeded 600 billion yuan.

Trend analysis

On November 2, the three major indices collectively closed higher. The Shanghai Index rose 1.08% to 3638.03 points. The Shanghai and Shenzhen markets traded 1783.695 billion yuan, with a volume exceeding 100 billion yuan, and more than 4,600 individual stocks rose. On November 3, the three major indices collectively opened lower. Hardware such as semiconductors (up 2.49% the previous day) and communication equipment returned gains. Among them, communication equipment only rose slightly by 0.35% the day before, and today's decline is over 4%.

The drivers come from both domestic and foreign sources. On the domestic side, the claim amount for the third operation of swap facilitation exceeded 100 billion yuan, and the interest rate for repurchase and refinancing fell to 1%; overseas, on November 2, the NASDAQ fell 1.07%, the Philadelphia Semiconductor Index fell 3.37%, and New York crude oil fell 7.36%.

According to the CITIC Securities research report on November 3, market adjustments are already ahead, structural turnaround will increase next year, and the non-AI sector has extensive structural repair opportunities, and there may be major changes in style; Northeast Securities judged on the same day that this round was an overfall rebound catalyzed by policy protection. The sustainability of the rebound still needs to be verified, and activists can moderately reverse increase growth. The two companies agree on the underlying policy, but the direction of the style change is not the same, and the pricing of overseas AI assets is still in a sensitive period.