A-share evening hot spots | US CPI exceeds expectations! Gold fell below $4040
Evening highlights
1. The US CPI rose 0.4% month-on-month in October, exceeding expectations, and gold fell below 4,040 US dollars
Importance: ★★★★★
At 21:30 on November 10, the US Bureau of Labor Statistics announced that the consumer price index (CPI) rose 0.4% month-on-month in October. The estimated increase was 0.3%, and the previous value was up 0.6%; the core CPI rose 0.3% month-on-month, which is estimated to have risen 0.2%, and the previous value was up 0.3%. The Bureau of Labor Statistics said that due to the government shutdown last year, the year-on-year CPI data for October will not be released. According to the Financial Federation, after the data was released, traders' expectations for the Federal Reserve's interest rate hike in December remained at 100%, and they increased their bets on at least two interest rate hikes by mid-2027, while increasing their bets on next month's rate hike by 0.5 percentage points. US 2-year Treasury yields rose 15 basis points to 4.71% on the same day, and 10-year bond yields rose 10 basis points to 4.99%. According to Sina Finance, as of 22:42, spot gold fell below 4,040 US dollars/ounce, down 2.53% during the day; spot silver was reported at 51.75 US dollars/ounce, down 3% during the day. The three major US stock indexes opened lower on the same day. The Dow fell 0.47%, the S&P 500 index fell 0.66%, and the NASDAQ fell 0.99%.
2. General Administration of Customs: Goods trade imports and exports of 44.81 trillion yuan increased 20% year-on-year in the first 10 months
Importance: ★★★★
The General Administration of Customs released data on November 10. In the first 10 months of this year, China's total import and export value of goods trade was 44.81 trillion yuan, an increase of 20% over the previous year. Among them, exports amounted to 25.99 trillion yuan, an increase of 17.6%; imports amounted to 18.82 trillion yuan, an increase of 23.6%. In October, imports and exports amounted to 4.87 trillion yuan, an increase of 31.2%, including exports of 2.79 trillion yuan, an increase of 28.7%, and imports of 2.08 trillion yuan, an increase of 34.7%. As of October, China's imports and exports have maintained double-digit growth for 6 consecutive months.
3. Alibaba plans to split Pingtou Ge's listed institutions in Hong Kong with a valuation of 20 billion to 30 billion US dollars
Importance: ★★★★
On the evening of November 10, Alibaba announced that it plans to split its wholly-owned subsidiary Pingtouge (Shanghai) Technology Co., Ltd. and go public independently on the main board of the Hong Kong Stock Exchange. According to the announcement, the Hong Kong Stock Exchange has confirmed that the company can carry out this spin-off, and Ping Tou has submitted a listing application to the Hong Kong Stock Exchange in a confidential form on September 11, 2026 (Form A1). The spin-off is planned to be carried out through the global sale of H shares, including the Hong Kong public offering and placement to institutional and professional investors; after the spin-off is completed, Pingtou is expected to remain an Alibaba subsidiary. According to 21 Finance, in an interview with reporters, a person from a professional investment agency gave Ping Tou Ge a valuation of 20 billion to 30 billion US dollars. Alibaba said Pingtou is currently the leading supplier of full-stack data center chips in China.
4. NDRC: Increase the supply of Yinfa tourist trains and cruise products
Importance: ★★★
On November 10, the National Development and Reform Commission held the “Endeavour '15th Five'” series of press conferences to introduce the situation relating to improving people's livelihood and welfare. Zhang Luqin, deputy director of the Price Department, said that it will expand the age-appropriate consumption scenario, promote the expansion and upgrading of the “one-quarter hour convenient lifestyle circle”, guide supermarkets to set up specialty elderly products experience zones, and promote e-commerce platforms to establish a Yinfa consumer sector; at the same time, enrich the Yinfa consumer business, increase the supply of Yinfa tourist trains and cruise products, and create high-quality residential and retirement destinations. The press conference proposed speeding up the R&D and application of age-appropriate technology, focusing on promoting technological and product innovation in the fields of food, rehabilitation and care, and safety risk monitoring suitable for the elderly, and actively developing products and services such as brain-computer interfaces, smart assistive devices, and intelligent robots.
5. China's total computing power reached 3.1 million PFLOPS. A working group was established to draft an intelligent data standard
Importance: ★★★
According to the National Data Bureau on November 10, the second “Standard Week” event of the National Data Standardization Technical Committee in 2026 was held on the same day in Xiamen, Fujian. The National Data Standardization Technical Committee has now officially set up a working group to draft specific intelligent data standards, as well as a working group to draft application standards for four industries, including meteorology, health, electricity, and commerce, to accelerate the formulation of relevant standards in the data field during the “15th Five-Year Plan” period. According to the latest data, China's total computing power has reached 3.1 million PFLOPS, ranking second in the world.
6. Brent crude oil fell below $90 per barrel in the intraday period for the first time since August
Importance: ★★★
On the evening of November 10, international oil prices continued to decline. According to stockq.org data, as of 22:20, Brent crude oil futures were reported at $89.51 per barrel, down 3.31%, falling below the integer mark of 90 US dollars/barrel in the intraday period; WTI crude oil futures reported 84.44 US dollars/barrel, down 2.77%. According to Zhitong Finance, as traders increase their bets that the Middle East war is expected to be resolved, the decline in oil prices deepened further, and US gasoline prices returned to the “3 dollar era.”
7. Federal Reserve Waller: Supports the December interest rate hike and will consider 50 basis points if inflation accelerates
Importance: ★★★
Federal Reserve Governor Waller said on November 10 that he supports raising interest rates in December and warned that if inflation continues to accelerate, he will support raising interest rates by 50 basis points to maintain the Federal Reserve's credibility.
8. China Chengtong: The “15th Five-Year Plan” plans to invest an additional fund of about 150 billion yuan
Importance: ★★★
According to the “Science and Technology Innovation Board Daily” report on November 10, the reporter learned from China Chengtong's “15th Five-Year Plan” press conference that during the “15th Five-Year Plan” period, China Chengtong plans to invest a total of about 150 billion yuan in additional funds, accounting for no less than 80% of the new investment in science and technology innovation. In terms of specific investment, “stuck neck” fields such as integrated circuits, industrial parent machines, industrial software, and scientific instruments account for no less than 24%; advanced basic materials, key strategic materials and cutting-edge new materials, and energy saving and environment-related fields account for no less than 20%; intelligent manufacturing, major technical equipment manufacturing, and high-end aerospace equipment accounts for no less than 18%.
Opportunity outlook
Zhitong Finance sorted out the most watched sectors and catalytic events of the day.
1. AI data center power supply: Eurocom's customized 5 kilowatt power module for Google has entered the early production stage, and plans to deliver about 10,000 units for testing in the fourth quarter.
2. Warm and cold data storage: Huawei's new storage system is about to begin trial use, moving from laboratory verification to the stage of joint verification of real customer scenarios.
3. Liquid cooling: Google purchased coolant distribution units (CDU) from Invec in the second half of 2026.
4. Insurance: According to data from the China Insurance Industry Association, the insurance industry's original insurance premium income in the first three quarters was 5.26 trillion yuan, an increase of 0.9% over the previous year.
5. Brokers: CITIC Construction Investment, Guoxin Securities, Zhongtai Securities, Zheshang Securities, etc. completed repurchase financing transactions on November 9 and completed the first batch of stock purchases.
Among them, the visibility of orders for AI data center power supply has increased recently. Goldman Sachs's November 10 research report was based on the Business Day exchange in Shenzhen in early November and reiterated the “buy” ratings for Costa, Invec, Hongfa, and Jianghai shares. The target prices for 12 months were 38.00 yuan, 52.00 yuan, 45.50 yuan, and 43.90 yuan, respectively. Goldman Sachs believes that the recent focus is on the fulfillment of orders for high-power power supplies and ASIC liquid cooling. In the medium term, the 800V DC power supply will change the value distribution of equipment. It is expected that 2027 will be dominated by local pilots, and deployment will expand in 2028 and beyond. The agency quoted expert estimates that in 2027, the ASIC platform's liquid cooling demand was about 10.9 billion US dollars, which is close to the Nvidia platform's 11.6 billion US dollars; the value of liquid cooling on the secondary side of a single cabinet rose from 73,000 US dollars to 95,000 US dollars from GB300 to Vera Rubin NVL72. According to Costa management, the year-on-year growth rate of data center orders accelerated from about 20% in the first quarter to 40% to 50% in June-July.
Selected announcements
Positive announcements
1. Jerry shares: It is proposed to repurchase 100 million yuan to 200 million yuan of shares, and the repurchase price is no more than 140 yuan/share
2. Wuhan Tianyuan: Plans to repurchase 50 million yuan to 100 million yuan of shares to cancel and reduce registered capital
3. Dir Laser: Plans to repurchase 50 million yuan to 100 million yuan of shares for employee stock ownership plans or equity incentives
4. Unified Union Precision: Yang Hu, the controlling shareholder and actual controller, plans to increase his shares by 10 million yuan to 20 million yuan
5. Guangdong Expressway A: Plans to acquire 25% of the shares of Guangzhu Duan Company and Yuezhao Company for 1,437 billion yuan
Negative announcements
1. ST Longda: Suspected of breaking the law on information disclosure, the case was filed by the Securities Regulatory Commission
2. Zhongguang Lightning Protection: Prohibited from participating in military material engineering service procurement activities within 3 years
3. Suotong Development: The former wife of the actual controller sued for a split of 237.18,700 shares, corresponding to a market value of about 397 million yuan
4. Jierong Technology: Received the “Advance Notice of Administrative Penalty”
5. Luoxin Pharmaceutical: Some shareholders' shares holding 5% or more in total are to be judicially enforced
What to see tomorrow
Tomorrow (November 11), follow: The National Development and Reform Commission's 10:00 press conference will introduce the joint construction of the “Belt and Road” situation, the Beijing Stock Exchange Huasheng Smart IPO (23.52 yuan/share), and the US bond market is closed due to veterans. Relevant arrangements are subject to exchange and company announcements.