On November 4, the pressured A-share market staged a violent counterattack, with the "dual innovation" boards delivering a retaliatory rebound. The STAR 50 Index soared 10%, while the ChiNext Index gained over 6%. More than 20 tech giants with market capitalizations exceeding 100 billion yuan each — including Changxin Technology, Zhongji Innolight, Cambricon, Hygon Information, North Huachuang, New Easyway, AMEC, Muxi Shares, Montage Technology, and Shenghong Technology — all surged more than 10%.
Meanwhile, market turnover expanded significantly, with total trading volume reaching 2.05 trillion yuan, an increase of over 330 billion yuan from the previous trading day. Net inflows from major institutional funds exceeded 50 billion yuan, and the number of individual stocks with trading volume surpassing 10 billion yuan rose to seven, all of which were tech stocks.
Analysts pointed to multiple positive factors that ignited today's massive rally. First, the uncertainty surrounding the U.S. midterm elections has been resolved, boosting market risk appetite. Second, "mysterious forces" intensified their buying until the market believed — yesterday, net ETF inflows reached approximately 80 billion yuan, the highest single-day record of this market cycle, and today broad-based ETFs continued to see expanded volume, with several recording intraday turnover exceeding 10 billion yuan. Third, a "rescue policy combination" is being rapidly advanced, with the central bank, securities regulator, and financial regulatory authority frequently releasing positive signals. Fourth, after sharp index adjustments — particularly the "dual innovation" boards falling 40% — market risks have been substantially cleared out.
Tech stocks became the engine of today's market action, with overall leader Changxin Technology leading the charge, closing at 44.09 yuan with a gain of 13.63%, the largest single-day increase since its listing (excluding its debut day). Full-day trading volume reached 21 billion yuan, with bullish momentum strengthening significantly, reversing the sluggish trend since September.
Following today's surge, Changxin Technology's market capitalization returned to 3 trillion yuan, once again making it the "number one" stock in the A-share market. On the news front, Changxin Technology Chairman Zhu Yiming proposed increasing the share buyback amount from no less than 1 billion yuan and no more than 2 billion yuan to no less than 2.5 billion yuan and no more than 5 billion yuan.
According to its third-quarter report, the company's revenue for the first three quarters of 2026 reached 269.024 billion yuan, a year-on-year increase of 738.51%, with net profit reaching 132.04 billion yuan, a year-on-year increase of 2,600.77%, and a gross profit margin of 86.85%.
On a fundamental level, Changxin Technology's core investment thesis is relatively clear — it is the only domestic manufacturer to achieve large-scale DRAM mass production, and it benefits from two main themes: domestic substitution and the AI storage super-cycle. With demand for AI servers continuing to be unleashed and DRAM prices remaining elevated, its global market share has risen to fourth place, breaking the long-standing oligopoly held by Samsung, SK Hynix, and Micron.
Comments