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On November 9, the three major A-share indices closed mixed. The Shanghai Composite Index rose 0.32%, the Shenzhen Component Index fell 0.27%, and the ChiNext Index dropped 0.27%. The Beijing Stock Exchange 50 Index gained 0.82%, and the STAR 50 Index added 0.3%. Total market turnover reached 1.4946 trillion yuan, shrinking by 177 billion yuan from the previous day, with more than 3,100 individual stocks declining across the market. Kitchen and bathroom appliances, humanoid robots, and commercial aerospace sectors led the gains, while energy metals, photovoltaic equipment, gaming, pharmaceutical commerce, and complete vehicles were among the biggest decliners.
Humanoid robots continue to show strong momentum
Today, the humanoid robot sector extended its strong performance, with multiple stocks hitting the daily limit up. On the news front, Apple's research team recently published its latest findings on HALO, an autonomous control system for humanoid robots. The system uses vision-language models (VLM) and motion generation technology, enabling robots not only to understand human commands but also to adapt their movements based on unfamiliar environments, autonomously completing tasks such as pushing boxes, sitting on chairs, and navigating obstacles. The research team recently published a paper titled "Perceptive Humanoid Motion from Simulation" on the preprint platform arXiv, introducing the design and experimental results of the HALO system, which was deployed and validated on Unitree's G1 humanoid robot. The team deployed the system on Unitree's G1 humanoid robot to verify it, allowing the robot to transfer movements learned in a simulated environment to unfamiliar real-world rooms. However, HALO has not yet fully eliminated human involvement. The research team stated that when adding new physical tasks, personnel must still write prompts and design key motion frames, and some movements also require the use of human videos or motion capture materials. CITIC Securities believes that with global giants entering the field, the physical AI industry is accelerating, and the robot-themed market currently meets the conditions for launching. Advances in GPT-6 and Gemini 4 in robot planning, spatial perception, and Real-to-Sim modeling are expanding the space for general-purpose large models to participate in robot development and training. Tesla is expected to release Optimus V3 in the fourth quarter, bringing the humanoid robot industry into a new phase.
Commercial aerospace leads the gains
Today, the commercial aerospace sector led the gains, with multiple stocks hitting the daily limit up. On the news front, the heat in the commercial aerospace sector stems from space computing power. On November 6 local time, SpaceX CEO Elon Musk explicitly stated at the Baron Investment Conference that the first batch of StarMind space AI computers, jointly designed with Nvidia, is expected to launch in the third quarter of 2027, with significant scale deployment expected by 2028 and further large-scale expansion in 2029. Notably, SpaceX has previously sent satellites carrying Nvidia GPUs and Google TPUs into orbit, preliminarily validating the operational capability of AI chips in the space environment. Compared with ground-based IDCs (Internet Data Centers), space computing power imposes higher requirements on hardware in terms of lightweight design, vibration resistance, radiation resistance, thermal management, and high-speed interconnection, and the related supply chain is expected to see new technological upgrades and value enhancement. Notably, Musk proposed that the next-generation Starlink V4 inter-satellite laser link speed target reach 10 Tbps, a 100-fold increase from the current approximately 100 Gbps, meaning that space computing power requires not only high-performance computing chips but also high-speed inter-satellite communication networks. Guojin Securities believes that space computing power is gradually moving from a long-term technical concept to the stage of engineering validation and large-scale deployment, and is expected to become a new growth direction for AI infrastructure.
CPO concept rebounds from oversold levels
On the news front, after the market close on November 6, the optical module industry chain intensively disclosed buyback and shareholding increase updates. Among 175 A-share constituent stocks, 16 disclosed related progress, but funds were highly concentrated: Zhongji Innolight, Luxshare Precision, and Eoptolink collectively committed to buybacks of 5.8 billion to 11 billion yuan, accounting for nearly 80% of the total buyback plans of the 15 companies, with over 6 billion yuan already implemented. Some institutions analyzed that current expectations have factored in considerable policy constraints but have insufficiently considered the demand increment brought by application expansion. Approval changes will affect construction and delivery pace, but enterprises still have the motivation to use AI to reduce costs and improve efficiency, and project delays should not be directly interpreted as the disappearance of computing power demand. According to Ornn data, as of November 5, on-demand rental prices for H100, H200, and B200 rose 10.21%, 27.22%, and 24.97% respectively compared with 30 days earlier. Shanghai Steel Union's November 6 weekly report showed that the domestic H100 monthly rental price index rose 9.36% week-on-week. High-end GPUs of different generations are raising prices simultaneously, providing more direct evidence of demand resilience, and high-quality computing power that can be delivered stably still has bargaining space. From November 2 to 6, both Lumentum and Coherent disclosed strong growth and next-quarter revenue guidance. Guotai Haitong Securities stated that overseas optical communication demand continues to grow, with short-term focus on the progress of 800G/1.6T transitioning from orders to revenue, and medium-term tracking of the fulfillment of NPO/CPO procurement commitments. Lumentum disclosed a second large-scale NPO/CPO project, with supporting procurement commitments exceeding $5 billion, and follow-up is still needed on the delivery start point, mass production yield, and revenue recognition. (Note: This article does not constitute any investment advice.)
Author: Reporter Wang Tongxu. Sina statement: This message is reprinted from a Sina partner media outlet. Sina publishes this article for the purpose of conveying more information and does not mean it agrees with or confirms its views or description. The article content is for reference only and does not constitute investment advice. Investors operate at their own risk based on this information.
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