A-share pre-market broadcast | NASDAQ falls 5.52%, AI computing power supports additional dye price increases
Pre-market highlights
1. The US stock AI hardware chain was sold off, and the Philadelphia Semiconductor Index fell 12% to the biggest one-day decline since 2020
Type: Market
Emotional impact: negative
The Dow fell 3.44% to 51523.06 points, the NASDAQ fell 5.52% to 24315.0 points, and the S&P 500 fell 4.36%. The Philadelphia Semiconductor Index fell 12%, the biggest one-day decline since 2020. Within the sector, SanDisk fell more than 22%, Western Digital and Micron Technology fell more than 17%, Lumentum fell more than 18%, Nvidia fell 9.18%, and the market capitalization evaporated by 447 billion US dollars. The S&P 500 Volatility Index (VIX) rose 62.73% to 27.03. The sell-off was due to Microsoft's review and withdrawal of some Nebius, IREN, and Nscale data center projects, and AI computing power capital expenditure expectations were lowered.
2. He Lifeng's research in Beijing: increasing financial support and factor guarantees for artificial intelligence and computing power network construction
Type: macro
Emotional impact: positive
He Lifeng, member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, visited Huairou, Tongzhou and other places in Beijing from November 4 to 5 to investigate the situation of science and technology infrastructure, intelligent manufacturing, and biomedical enterprises. He Lifeng pointed out that it is necessary to strengthen the deep integration of scientific and technological innovation with industrial innovation, increase financial support and factor guarantees for fields such as artificial intelligence and computing power network construction, coordinate innovation development and risk prevention and control, and expand investment in new infrastructure construction in an orderly manner. At the same time, develop new productivity according to local conditions, and cultivate and expand emerging industries such as high-end manufacturing and biomedicine.
3. The dye industry chain set off another wave of price increases, Zhejiang Longsheng's reactive dyes increased by 3,000 yuan to 5,000 yuan per ton
Type: industry
Emotional impact: positive
Following the increase in the prices of intermediates such as reducing products and H acid, Zhejiang Longsheng raised the price of active dyes on November 1. The increase varies from product to product, from 3,000 yuan/ton to 5,000 yuan/ton; its subsidiary Zhejiang Hongsheng Chemical raised the price of reduced products to 200,000 yuan/ton on October 21. Yabang Co., Ltd. adjusted prices twice in October. From October 8, commercial dyes were raised by 5 yuan/kg to 15 yuan/kg, raw dyes were raised by 20 yuan/kg to 40 yuan/kg, and disperse blue 60 dried powder was reported to 300,000 yuan/ton on October 17. Nantong Longrun Chemical raised the cationic yellow X-GL raw powder by 10,000 yuan/ton. The price increase in this round was transmitted from the intermediate to the dye end.
4. Qiaoyuan Co., Ltd. plans to invest 3.158 billion yuan to build a high-purity fluorine series electronic special gas project
Type: Company
Emotional impact: positive
The board of directors of Qiaoyuan Co., Ltd. reviewed and approved on November 5. It plans to sign an “Investment Promotion Agreement” with the People's Government of Yantan District of Zigong City to invest in the construction of a high-purity fluorine series electronic specialty gas and supporting materials integrated project in the Zigong Chuannan New Materials and Chemical Park. The total planned investment is 3.158 billion yuan, of which the fixed asset investment is about 3.108 billion yuan. The project is divided into three phases. The first phase invested about 669 million yuan to build 600 t/a tungsten hexafluoride plant, 200 t/a hexafluorobutadiene plant and supporting air separation devices. The agreement has not yet been signed, and the land used for the project must be obtained through bidding, auction, and listing.
Investment calendar
On November 6, the State Information Office held a press conference on the situation relating to 80 years of management of the Yellow River
Institutional views
1. Guosheng Securities: Trump's big defeat in the midterm elections, split the government to strengthen checks and balances, US stocks are expected to recover in the short term and focus on AI risks in the medium term
2. Huafu Securities: The dividend index was adjusted to achieve defensive value in this round. China Securities's total dividend income outperformed the Shanghai and Shenzhen 300 by 32.2 percentage points
3. Everbright Securities: Overseas power equipment orders increased rapidly in Q3, ABB data center orders increased by more than 100% year on year, AI power demand continued
Positive and negative outlook
1. Price reshaping of high-value consumables after execution of drug-coated balloon collection results
Type: Policy Focus
Zhongtai Securities: The price reshaping of high-value consumables is in the second half, and leaders with innovative iteration, cost control and globalization capabilities are expected to increase their share after price restructuring.
2. Electronic grade hydroxylamine domestic release window
Type: Agency Hot Reviews
SDIC Securities: The expansion of AI computing power is driving the increase in advanced cleaning consumables. Domestic production of electronic grade hydroxylamine is imminent, and the gap between supply and demand will widen in the short term.
3. AI data center 800VDC power supply will be shipped in the first quarter of next year
Type: Agency Hot Reviews
Everbright Securities: Guangbao's 800VDC Power Rack is expected to be shipped in the first quarter of 2027. HVDC emissions support the upgrading of the data center power supply architecture.
Announcement Express
Positive announcements
1. Crystal integration: it is planned to repurchase 500 million yuan to 800 million yuan, and the repurchase price will not exceed 37 yuan/share
2. Crystal Optoelectronics: It plans to repurchase 100 million yuan to 200 million yuan, and the repurchase price will not exceed 28 yuan/share
3. Rena Intelligence: Pre-bid for Urumqi heating metering transformation project with a bid price of 202 million yuan
Negative announcements
1. Red Square: The holding subsidiary terminated the 1.49 billion yuan investment framework agreement for the new chemical materials and new fertilizer industrial park project
2. Gao Xinxing: The holding subsidiary Chuanglian Technology terminates the Beijing Stock Exchange listing consultation filing
3. Zhongcao Fragrance: Three shareholders reduced their holdings by a total of 502,200 thousand shares, accounting for 0.66% of the total share capital
Overseas markets
US stocks were sold off on Thursday, with the Dow down 3.44%, the NASDAQ down 5.52%, and the S&P 500 down 4.36%. Microsoft stepped up the review of some Nebius, IREN, and Nscale data center projects and withdrew from high-risk projects. The AI computing capital expenditure expectations were lowered, and the pressure was concentrated on the hardware chain: the Philadelphia Semiconductor Index fell 12% to the biggest one-day decline since 2020, Nvidia fell 9.18%, and SanDisk fell more than 22%. Livermore's leading Chinese securities index closed down 3.15%, Sun Moon Light Holdings fell more than 20%, and UMC fell more than 16%.