To The Moon

On November 10, the three major A-share indices opened higher together but then fluctuated downward, with gains steadily narrowing before closing up across the board.

At the close, the Shanghai Composite Index rose 0.08% to 3663.72 points; the Shenzhen Component Index rose 0.86% to 11241.54 points; the ChiNext Index rose 1.46% to 2494.40 points; the STAR 50 Index rose 0.64% to 1265.02 points; and the Beijing Stock Exchange 50 Index rose 0.75% to 902.51 points.

Combined turnover of the Shanghai and Shenzhen markets reached 1,504.8 billion yuan, an increase of 22.2 billion yuan from the previous trading day. Across the entire market, 4,273 stocks rose, 1,149 fell and 158 were flat, with 94 hitting the daily limit-up and no stocks hitting the daily limit-down, meaning advancers accounted for 76% of the market.

By sector, film and cinema, lighting equipment, auto services, digital media, aerospace equipment and publishing led the gains, while oil and petrochemicals, shipping ports, coal mining and coal posted the biggest declines.

Drivers

The Shanghai Composite opened up 0.58%, touched an intraday high of 0.63% and saw its gain narrow to 0.08% at the close, with an intraday low of 3660.72 points that briefly slipped into negative territory versus the prior close. The ChiNext Index climbed more than 2% early in the session before finishing up 1.46%, while the STAR 50 Index trimmed its gain from 2.37% at the open to 0.64%.

Combined turnover of the two markets reached 1,504.8 billion yuan, up 22.2 billion yuan from the previous session, with 4,273 stocks advancing across the market and 94 hitting the limit-up, while no stock hit the limit-down.

Media and AI application stocks led the advance, with the film and cinema sector up 6.80%, digital media up 3.79% and publishing up 3.41%. On the news front, QuestMobile released its China Mobile Internet Autumn Report on November 3, showing that total usage time of short-drama video apps in September 2026 rose by a net 13.329 billion hours, ranking first among all tracks by time growth.

The humanoid robot and edge AI industrial chains were also active, with automation equipment up 2.32%, general equipment up 2.51% and consumer electronics up 2.83%. The catalysts were Elon Musk's statement that Tesla has started early production of Optimus at its Fremont factory, and the disclosure by Apple's research team on the preprint platform arXiv of HALO, an autonomous control system for humanoid robots.

Resource and shipping sectors led the declines, with oil and petrochemicals down 2.43%, shipping ports down 1.98% and coal down 1.50%. On November 9, light crude futures for December delivery on the New York Mercantile Exchange fell 4.38% to $86.85 per barrel, while Brent crude futures for January delivery in London fell 5.85% to $92.57 per barrel.

Hot sectors

1. AI short dramas: The film and cinema sector rose 6.80%, ranking first among Shenwan second-tier industries by gain, while the digital media and publishing sectors rose 3.79% and 3.41% respectively. Wento Holdings posted a second consecutive limit-up, Shanghai Film rose by the limit for the second time in three days, and Ciwen Media, Zhangyue Technology and Jinyi Film & Television hit the limit-up, while Huace Film & TV touched the 20% limit-up intraday before closing up 16.39% and Huazhi Digital Media hit the 20% limit-up. The catalysts came from two sides: first, the QuestMobile report showed that in September 2026, short-drama video and short-video apps recorded net increases of 13.329 billion hours and 5.717 billion hours in total usage time, ranking first and second among growth tracks; second, 82 of the top 100 overseas short dramas in October were backed by Chinese companies as the main investment platform, with NetShort taking 63 places and DramaBox taking 9.

2. Humanoid robots: The automation equipment sector rose 2.32% and the general equipment sector rose 2.51%, with multiple stocks in the humanoid robot industrial chain hitting the limit-up. Tongli Technology hit the 20% limit-up, while Tianqi Shares, Rockchip, Guangyang Shares and Huapei Power hit the limit-up, and Fulai New Materials hit the limit-up for the third time in five days. The catalysts were Musk's statement that Tesla has started early production of Optimus at its Fremont factory and expects to begin deliveries to external customers around the end of 2027, while Apple's research team disclosed the humanoid robot autonomous control system HALO on the preprint platform arXiv over the same period.

3. Edge AI: The AI glasses concept rose 4.55% and the consumer electronics sector rose 2.83%. SeeYa Technology-UW and Fullhan Micro both hit the 20% limit-up, while Yingtong Communication, Chaoyang Technology, Emdoor Information, Guoguang Electric and Rihai Intelligent hit the limit-up. The catalysts were Ministry of Commerce big data showing that sales of smart glasses on key platforms grew 1.1-fold year on year in the first three quarters, and a Guohai Securities note pointing out that edge AI products are being rolled out at an accelerating pace, with Apple, Meta and others continuing to push new products such as AI glasses and MR headsets.

Sectors in retreat

The oil and petrochemicals sector fell 2.43%, shipping ports fell 1.98%, coal mining fell 1.64%, coal fell 1.50% and insurance fell 0.86%. Among individual stocks, PetroChina fell 6.34%, CNOOC fell 3.83% and Zhongman Petroleum fell 3.64%, while COSCO Shipping Energy fell 5.76% and Phoenix Shipping fell 5.13%. On the news front, international oil prices fell sharply on November 9, with light crude futures for December delivery on the New York Mercantile Exchange dropping $3.98 to close at $86.85 per barrel, a decline of 4.38%, while Brent crude futures for January delivery in London dropped $5.75 to close at $92.57 per barrel, a decline of 5.85%.