A-shares opened lower, with the memory sector leading the decline. Hong Kong stocks opened higher, with the Tech Index rising 0.37%. Most technology and automotive stocks rebounded

The A-shares opened lower, with the ChiNext Index down 0.13%. The computing hardware sector weakened, with memory stocks leading the decline; lithium battery electrolyte, fluorochemical, solid-state battery, and SPD concept stocks also weakened. Lithium mining, aquaculture, and gold concept stocks strengthened.

The Hong Kong stock market opened higher, with the Hang Seng Index up 0.09% and the Tech Index up 0.37%. Baidu Group rose over 2%, XPeng rose nearly 2%, while Xiaomi Group fell nearly 2%. Software stocks, gold stocks, and lithium battery stocks all rose, while airline stocks, power stocks, and aluminum stocks mostly remained sluggish.

In the bond market, government bond futures saw an expanded decline, with the 30-year main contract down 0.41%, the 10-year main contract down 0.09%, the 5-year main contract down 0.05%, and the 2-year main contract down 0.02%.

In commodities, most commodity futures opened lower, with the black series leading the decline; coking coal fell 1.54%. Shipping futures all fell, with the container shipping index (European line) down 1.19%. Precious metals all rose, with Shanghai silver up 0.60%; most chemical products rose, with rubber up 0.46%.

9:50

The continuous main contract for lithium carbonate rose 5% during the day, reporting at 99,340.00 yuan/ton.

In terms of news, CITIC Construction Investment stated that strong demand has led to a monthly shortage of lithium carbonate and destocking. According to Mysteel data, the monthly supply of lithium carbonate in November is about 115,000 tons, with demand at 128,000 tons, resulting in a shortage of about 13,000 tons, and the market continues to destock. Meanwhile, off-season consumption is not weak, and order support can continue into next year. The current supply-demand contradiction for lithium carbonate has shifted from supply pressure to demand-driven. In the medium to long term, the sustained strength of energy storage demand will lead to a round of price increases across the entire lithium battery industry chain, and the fundamental supply-demand situation for lithium carbonate will also improve significantly. Static forecasts indicate that global lithium resource supply will reach 2.089 million tons and consumption will be 2.004 million tons by 2026. Without considering the positive electrode segment and the replenishment of traders, the surplus will only be 85,000 tons, narrowing compared to 2025. Considering the inventory of the industry chain, a structural shortage will occur in 2026, with lithium prices shifting from supply pressure to demand-driven upward.

9:47

Xiaomi once fell over 6% during the session, but the decline has narrowed to 3.5%. Previously, Xiaomi announced its financial report, with third-quarter total revenue below market expectations, and Citigroup lowered its target price.

9:30

Government bond futures opened, with the 30-year main contract down 0.12%, the 10-year main contract down 0.01%, the 5-year main contract down 0.01%, and the 2-year main contract basically flat.

9:29

The aquaculture sector opened with gains, with Zhongshui Fisheries hitting a 4-day limit up, and companies like Kaichuang International, Dongfang Ocean, Zhangzidao, and Dahu Co. also opening high.

9:25

The Shanghai Composite Index opened at 3937.92 points, down 0.05%.

The Shenzhen Component Index opened at 13071.94 points, down 0.07%.

The ChiNext Index opened at 3065.16 points, down 0.13%.

The CSI 300 opened at 4568.04 points, down 0.00%.

The STAR 50 opened at 1355.13 points, down 0.21%.

The CSI 500 opened at 7141.26 points, down 0.14%.

The CSI 1000 opened at 7438.14 points, down 0.13%.

9:22

Baidu opened over 2% higher after announcing its financial report, with Citigroup raising its target price. XPeng, Midea, and NetEase rose over 1%. Xiaomi fell nearly 2% after announcing its financial report.

The Hang Seng Index opened up 0.09%, and the Hang Seng Tech Index rose 0.37%.

In news, thanks to strong growth in its automotive business, Xiaomi Group's third-quarter profit surged 80% year-on-year to a record high, but revenue growth fell short of market expectations; revenue from mobile phones and home appliances declined, indicating that after more than a year of rapid progress in the "people, car, home ecosystem" strategy, at least two of the company's three lines are facing certain growth bottlenecks.

Investment bank Citigroup's research report stated that Xiaomi's adjusted net profit in the third quarter exceeded Citigroup's expectations, mainly due to non-operating income meeting estimates, and gross margins exceeding expectations due to strong performance in the Internet of Things, Internet, and electric vehicle businesses, although operating expenses were higher than expected. Notably, the electric vehicle and other new businesses achieved an operating profit of 700 million yuan in the third quarter, compared to a loss of 300 million yuan in the second quarter, meeting estimates. The target price was lowered to HKD 50, maintaining a "buy" rating.

9:15

The central parity rate of the RMB against the USD was reported at 7.0872, down 16 points; the previous trading day's central parity rate was 7.0856, and the previous trading day's official closing price was 7.1125, with the night session closing at 7.1074.

9:00

Commodity futures opened, with palm oil main contracts rising nearly 2% and crude oil up 1%. Soda ash and duplex paper fell over 2%, while coking coal and coke fell over 1%.

FTSE China A50 Index futures rose 0.07% in early trading, with the previous trading day's night session closing up 0.08% Risk Warning and Disclaimer

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