A-share markets opened higher across all five major indices on November 13 but gave up gains and drifted steadily lower in the afternoon, closing the session in negative territory across the board.
The Shanghai Composite Index settled at 3,634.35 points, down 0.59%; the Shenzhen Component Index closed at 10,968.79 points, down 2.05%; the ChiNext Index ended at 2,426.08 points, down 3.32%; the STAR 50 Index finished at 1,279.66 points, down 2.30%, after touching an intraday high of 1,342.13 points, equivalent to a gain of 2.47%; and the BSE 50 Index closed at 876.33 points, down 3.50%.
Combined turnover on the Shanghai and Shenzhen exchanges reached 1.655668 trillion yuan, a contraction of 276.414 billion yuan from the previous trading day. Across the entire market, 765 stocks advanced, 4,748 declined, and 66 were unchanged, with 38 hitting the daily limit up and 39 hitting the daily limit down, meaning advancers accounted for just 13.7% of the total.
By sector, film and cinema chains, white goods, livestock farming, baijiu liquor, city commercial banks, and animal feed led the gains, while components, communications equipment, glass and fiberglass, other electronics, plastics, and electronic chemicals posted the steepest declines.
Driving factors
Nvidia announced locally on November 12 that Jensen Huang had resigned from his roles as president, chief executive officer, and board member, effective immediately, with executive vice president and chief financial officer Kress stepping in as interim chief executive. The company's shares closed down 4.34% that day, having fallen as much as 13% at the open and briefly dipping below a $4 trillion market capitalization, before ending the session at $4.01 trillion. Over the same period, AMD and Broadcom each gained more than 5%. A-share computing hardware names weakened in tandem that day, with the components and communications equipment sector indices falling 8.55% and 6.29%, respectively.
On November 12, Douyin Group's short-drama copyright center released a "Call for Cooperation on Interactive Drama and Interactive Film-Game Projects," offering up to 200,000 yuan in guaranteed incentives per title plus an additional 30% to 50% revenue share. The film and cinema chain sector index rose 3.50%, ranking first among Shenwan secondary industries by gain. According to institutional monitoring, the national average price for externally sourced three-way crossbred hogs on November 13 stood at roughly 8.54 to 8.60 yuan per kilogram, up 0.03 yuan per kilogram from the previous day, while National Bureau of Statistics data showed the national breeding sow herd at 36.02 million head at the end of the third quarter, down 10.7% year on year. The livestock farming and animal feed sector indices rose 2.35% and 1.70%, respectively. According to Wind data, 42 listed banks generated combined operating revenue of 4.66 trillion yuan and net profit attributable to shareholders of 1.75 trillion yuan in the first three quarters, up 7.81% and 3.78% year on year, respectively. The banking sector index rose 1.46%, with Bank of Jiangsu, Bank of Nanjing, Bank of Qingdao, Bank of Chengdu, and Bank of Hangzhou all hitting record highs. The white goods and baijiu liquor sector indices rose 2.68% and 1.81%, respectively, with Midea Group up 2.91% and Gujing Distillery up 5.86%.
Hot sectors
Film and cinema chains: The sector index rose 3.50%, the biggest gain among Shenwan secondary industries. Xingfu Lanyu surged 20.01% on the 20% limit, while Hengdian Film & TV (+10.03%), Hubei Radio and Television (+10.10%), and Jinyi Film & TV (+10.00%) hit the daily limit up, and Wento Holdings also hit the limit up (+10.03%), recording four limit-up sessions in five trading days. The catalyst was Douyin Group's short-drama copyright center releasing its cooperation call on November 12, offering up to 200,000 yuan in guaranteed incentives per title and an additional 30% to 50% revenue share. Wento Holdings said in a November 11 evening filing that as of the third quarter of 2026, revenue from its AI comic drama-related business accounted for about 2.57% of operating revenue (unaudited).
Banks: The sector index rose 1.46%, with the city commercial banks sub-index up 1.76%. Bank of Jiangsu (+2.24%), Bank of Nanjing (+1.91%), Bank of Qingdao (+3.65%), Bank of Chengdu (+1.52%), and Bank of Hangzhou (+1.51%) all hit record highs. The catalyst was the first-three-quarter performance of 42 listed banks, which posted combined operating revenue of 4.66 trillion yuan and net profit attributable to shareholders of 1.75 trillion yuan, up 7.81% and 3.78% year on year, respectively.
Livestock farming: The sector index rose 2.35%, while the animal feed sector index rose 1.70%. Jinxinnong (+10.06%) and Tianbang Food (+10.00%) hit the daily limit up, while Giant Star Farming and Animal Husbandry gained 5.15%, and the pork concept index rose 1.92%. The catalysts were the national average price for externally sourced three-way crossbred hogs on November 13 of 8.54 to 8.60 yuan per kilogram, up 0.03 yuan from the previous day, and the national breeding sow herd of 36.02 million head at the end of the third quarter, down 10.7% year on year.
Declining sectors
The components sector index fell 8.55%, the communications equipment sector index dropped 6.29%, and the glass and fiberglass sector index declined 6.07%, while the consumer electronics, semiconductor, and photovoltaic equipment sector indices fell 3.13%, 2.92%, and 2.83%, respectively. Among individual stocks, WUS Printed Circuit, Shengyi Technology, Shennan Circuits, and Kinwong Electronic hit the daily limit down; Tianfu Communication fell 10.94%, Yuanjie Technology dropped 11.76%, Eoptolink declined 8.76%, Zhongji Innolight fell 8.39%, and Foxconn Industrial Internet lost 7.50%. Within the glass and fiberglass sector, International Composites fell 8.33%, Honghe Technology dropped 8.29%, Sinoma Science & Technology declined 7.40%, and China Jushi lost 6.94%. The catalyst was Nvidia's November 12 announcement that Jensen Huang had resigned as president, chief executive officer, and board member. The components and communications equipment sector indices had already fallen 22.30% and 19.31%, respectively, cumulatively from October 15 to November 12, with losses widening further on the day.
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