A-share evening hot spots | Huang Renxun resigns as Nvidia CEO, spot gold plummets 3%
Evening highlights
1. Huang Renxun resigned as Nvidia's president, CEO and director, and Nvidia opened a sharp drop of 13%
Importance: ★★★★★
According to Sina Finance and Finance Association, Nvidia's board of directors announced on November 12 that Huang Renxun has resigned as president, CEO, and director, with immediate effect. Colette Kress, the current executive vice president and chief financial officer, is the interim CEO, and the board of directors also appointed Harvey C. Jones as the first chairman in the company's history. Kress said that it will continue to build on the solid foundation that Hwang In-hoon has built over the past 33 years, and that the company's operations, customer commitments, and product roadmap will continue to advance without interruption. Affected by this, when the US stock market opened on November 12, Nvidia's stock price plummeted 13%, and the market capitalization evaporated by more than 500 billion US dollars. At one point, it fell nearly 14% in the intraday period, and the market value evaporated by nearly 600 billion US dollars, then the decline narrowed to around 7%.
US chip stocks generally fell: Maywell Technology fell 6.1%, ARM fell 4.9%, Intel fell 4.3%, Micron fell 4.2%, TSMC fell nearly 5%, the US-listed SK Hynix fell 5.1%; Broadcom bucked the trend and rose 4.2%, and AMD rose 3%. AI cloud computing stocks fell sharply, with CoreWeave down 16.6%, IREN down 11%, and Roundhill Neocloud ETF down 14%. Also, according to Sina Finance, the Foreign Affairs Committee of the US House of Representatives is negotiating the date and place of his testimony to Congress. Representative Muellenahl said that if the talks cannot be held, a subpoena will be used; Senator Warren said that Wong In-hoon's resignation will not exempt him from liability. Musk, on the other hand, spoke out on social media: I would be honored if I could hire Hwang In-hoon.
2. A-shares surged and fell back, and the GEM index fell 2.44%, and gas and liquor bucked the trend and strengthened
Importance: ★★★★
According to Xinhua Finance, the three major A-share indices surged higher and fell on November 12, and the Shanghai index closed down slightly. The GEM index had previously risen nearly 2% and closed down more than 2% at the end of the session. At the close, the Shanghai Composite Index reported 365.83 points, down 0.67%; the Shenzhen Securities Index reported 11197.98 points, down 1.68%; the GEM index reported 2509.43 points, down 2.44%; and the Science and Innovation Composite Index reported 1559.14 points, down 0.35%. The turnover of the Shanghai and Shenzhen markets was 1932,082 billion yuan, an increase of about 255.8 billion yuan over the previous trading day. In the entire market, 875 stocks rose, 4,635 fell, 37 stocks rose or stopped, and 5 stocks fell to a halt. On the market, sectors such as gas, liquor, aquaculture, shipbuilding, and military equipment restructuring had the highest gains, with Dongfang Huanyu 4 contiguous and Hongtong gas rising and stopping; computing power chips rallied in the intraday market, Tianpu shares had a 3-tier increase, Cambrian rose more than 8%, and Suiyuan Technology rose more than 13% to a new high since listing. In terms of decline, sectors such as precious metals, games, film and television, AI video, and humanoid robots had the highest declines, AI comic concepts declined, and Shanghai movies fell to a standstill. According to statistics from the Securities Daily, only the three sectors in Shenwan's tier 1 industry rose, up 0.45%, 0.38%, and 0.36%, respectively; media, non-ferrous metals, and telecommunications led the decline, falling 3.28%, 3.01%, and 3.01% respectively.
3. Securities Regulatory Commission: Since the beginning of the year, net purchases of A-shares with medium- to long-term capital exceeded 600 billion yuan, and the repurchase scale reached a record high
Importance: ★★★★
According to Xinhua Finance, the relevant person in charge of the Securities Regulatory Commission said at the 2026 Shanghai Stock Exchange International Investors Conference on November 12 that comprehensive capital market investment and financing reforms have continued to advance in recent years, and the “1+6” reform of the Science and Technology Innovation Board, the “six rules of mergers and acquisitions”, deepening GEM reforms, and refinancing optimization policies have continued to be implemented; the scale and proportion of medium- and long-term capital such as social security, pensions, and insurance entering the market has steadily increased. Net purchases of A-shares have exceeded 600 billion yuan since the beginning of the year. Since this year, the scale of dividend repurchases by listed companies has exceeded the amount of IPOs and refinancing funds. The amount and proportion of newly disclosed repurchase plans, actual repurchase amounts, and repurchase cancellation amounts and shares of listed companies have all reached record highs. On the same day, the Securities Regulatory Commission stated that it is seeking public comments on the “Guiding Opinions on Advance Payment in the Securities Market” and plans to further refine advance payment implementation procedures to provide more diverse mechanisms and channels for intensive and efficient resolution of securities mass disputes. Qiu Yong, chairman of the Shanghai Stock Exchange, said that it will continue to enrich the supply of investment-side products, strive to build a market environment suited to medium- and long-term capital, and continue to enhance the appeal of Chinese assets to global investors.
4. Spot gold plummeted 3%, silver fell below $50, Bitcoin fell to 72,000 US dollars
Importance: ★★★★
According to the Financial Federation, the intraday decline in spot gold widened to 3% to 3867.19 US dollars/ounce on the evening of November 12; spot silver fell below 50 US dollars/ounce, falling 3.21% during the day. Bitcoin fell to $72,000, down 2.2% in the past 24 hours. US 2-5 year Treasury yields rose at least 10 basis points on the same day. The three major US stock indices opened with mixed ups and downs. The Dow Jones index rose 0.11%, the S&P 500 index fell 0.77%, and the Nasdaq Composite Index fell 1.51%; the Philadelphia Semiconductor Index plummeted 3.6%, and semiconductor ETFs led the decline in industry ETFs by 3.74%. Most Chinese securities fell. The Nasdaq China Golden Dragon Index fell more than 3%, Alibaba once fell 7.5% to a new low since June, and BOSS direct employment fell more than 20%.
5. Prices of refined oil products were lowered for the sixth time during the year. Starting at 24:00 on the 12th, gasoline and diesel were reduced by 645 yuan and 625 yuan per ton, respectively
Importance: ★★★
The National Development and Reform Commission released news on November 12 that starting at 24:00 on November 12, domestic automobile and diesel (standard products) prices will be reduced by 645 yuan and 625 yuan per ton respectively, equivalent to 0.51 yuan and 0.54 yuan per liter of gasoline No. 92 and No. 0 diesel respectively. A private car can spend about 26 yuan less on filling up a tank of fuel. After this price adjustment, domestic refined oil price adjustments in 2026 follow a pattern of “14 rises, 6 falls, and 2 stranded”; the next round of price adjustment window will open at 24:00 on November 26.
6. OpenAI completed $15 billion in financing at a valuation of $1.25 trillion
Importance: ★★★
According to the Financial Federation and Sina Finance, OpenAI completed financing of 15 billion US dollars at a valuation of 1.25 trillion US dollars. Also, according to the Financial Services Association, citing the Bank of America's November 12 research report, with the accelerated evolution of AI applications to intelligent AI, the bank raised its forecast for the potential global server CPU market size in 2030 from about 210 billion US dollars to more than 240 billion US dollars, believing that AMD is expected to be the main beneficiary.
7. Existing home sales in the US fell to the lowest level since 2010 in October
Importance: ★★★
According to the Financial Services Association, the total number of existing home sales in the US in October was 3.75 million, and the forecast was 3.85 million. The previous value was revised from 3.99 million units to 3.97 million units, and existing home sales fell to their lowest level since 2010.
Opportunity outlook
Zhitong Finance sorted out the most watched sectors and catalytic events of the day.
1. Solid-state batteries: Guoxuan Hi-Tech said on the interactive platform that the all-solid-state pilot line is running stably, and the yield of off-line batteries can reach 90%; the 2GWh all-solid-state mass production line has started, and equipment orders will be implemented in batches according to verification results and project pace.
2. Liquid cooling: Lingyi Zhizao plans to increase its capital to the liquid cooling subsidiary Liminda by 816 million yuan, increasing its shareholding ratio to 51%.
3. Electrolyte: Tianci Materials plans to invest no more than 5 billion yuan to build a project with an annual output of 500,000 tons of electrolyte and supporting materials.
4. Chiplet sealing: Qizhong Technology plans to issue convertible bonds to raise no more than 2 billion yuan for multi-core heterogeneous integrated sealing and testing technology projects.
5. Vacuum coating equipment: Landun Optoelectronics plans to acquire 100% of the shares of vacuum coating equipment provider Lanchuang Technology for 1.35 billion yuan. Its coating equipment and processes are mainly used to produce core optical components such as filters and coated lenses.
Among them, the upward shift in the strategic metals price center attracted institutional attention. According to the CITIC Construction Investment Research Report, the upward cycle of science and technology opens up long-term demand space for emerging industries, compounding that the global resource game continues to heat up, and the supply of strategic metals naturally has strong rigid constraints. In recent years, the price center of strategic metals represented by molybdenum, tin, tungsten, tantalum, uranium, and rhenium has continued to rise. On the same day, Shenwan's non-ferrous metals sector fell by 3.01% and was at the top of the decline list. The agency believes that the allocation window after the pullback is worth tracking.
Selected announcements
Positive announcements
1. Huahong Hongli: Plans to repurchase shares for 300 million yuan to 500 million yuan, all of which will be cancelled
2. Youa Shares: Issuing shares and paying cash to purchase 100% of Shangyangtong's shares were reviewed and approved by the Shenzhen Stock Exchange
3. Tianci Materials: It is planned to invest no more than 5 billion yuan to build a project with an annual output of 500,000 tons of electrolyte and supporting materials
4. Construction Investment Energy: 681 million yuan competed for 22% of Three Gorges Mongneng's shares to participate in the Kubuqi base project
5. Qianyuan Electric Power: Guoxin Industrial Capital recently increased its shares by 1% and plans to increase its holdings by no less than 6 million shares
Negative announcements
1. Yitian Intelligence: The total tax-inclusive computing power resource service contract of the subsidiary was adjusted from RMB 1,106 billion to RMB 780 million
2. Junda Co., Ltd. terminated the 5GW high-efficiency battery production base project in Oman
3. Xiangyang Bearing: There is a deviation between the company's stock price trend and operating fundamentals
4. Jinfang Energy: The actual controller and its co-actors terminated the transfer of 10.46% of the company's shares
5. *ST unnamed: A total of 559 million yuan is proposed to be listed and transferred to the subsidiary's shares and two pharmaceutical technologies
Highlights tomorrow
Tomorrow (November 13), follow: China's financial data for October (scale of social financing, new RMB loans, M2) may be released; Eurozone GDP for the third quarter (18:00); US PPI for October (21:30). In terms of the lifting of the ban on restricted shares, China Post Technology lifted the ban on 664.711 million shares, accounting for 48.88% of the total share capital. Longping Hi-Tech lifted the ban on 152 million shares, with a market value of about 1,209 million yuan, accounting for 10.38% of the total share capital. Also, Inlitt has suspended trading since the opening of the market on November 13, and is expected to resume trading no later than November 20. Relevant arrangements are subject to exchange and company announcements.