- The report introduces a quantitative model called "250-day new high distance" to track market trends and identify investment hotspots. The model is based on the idea that stocks nearing their 52-week high tend to outperform those far from their 52-week high, as supported by research from [George@2004] and other experts[11][18]. The formula for calculating the 250-day new high distance is: $ 250 \text{ day new high distance} = 1 - \frac{\text{Close}_{t}}{\text{ts\_max(Close, 250)}} $ where $\text{Close}_{t}$ represents the latest closing price, and $\text{ts\_max(Close, 250)}$ is the maximum closing price over the past 250 trading days. If the latest closing price reaches a new high, the distance is 0; otherwise, it is a positive value indicating the degree of decline from the high[11] - The report evaluates the model positively, highlighting its effectiveness in identifying market trends and leading stocks that drive market cycles[11][18] - The report also introduces a factor-based screening method for "stable new high stocks" using criteria such as analyst attention, relative stock strength, price path smoothness, and new high sustainability. The screening process includes: 1. Analyst attention: At least 5 buy or overweight ratings in the past 3 months 2. Relative stock strength: Top 20% of market-wide 250-day price change 3. Price path smoothness: Evaluated using metrics like absolute value of price changes over the past 120 days and cumulative absolute price changes over the same period 4. New high sustainability: Average 250-day new high distance over the past 120 days 5. Trend continuation: Average 250-day new high distance over the past 5 days[25][27] - The report positively evaluates the factor-based screening method, citing research that smooth price paths and sustained momentum are associated with stronger returns[25][27] --- - The backtesting results for the "250-day new high distance" model show that as of November 7, 2025, major indices such as the Shanghai Composite Index, Shenzhen Component Index, CSI 300, CSI 500, CSI 1000, CSI 2000, ChiNext Index, and STAR 50 Index have respective 250-day new high distances of 0.47%, 2.34%, 1.45%, 2.93%, 1.39%, 1.36%, 3.49%, and 8.02%[2][12][32] - The backtesting results for the "stable new high stocks" factor show that 50 stocks were selected based on the screening criteria. Among these, the cyclical and technology sectors had the highest number of stocks, with 21 and 16 stocks respectively. Within the cyclical sector, the non-ferrous metals industry had the most new high stocks, while the electric equipment and new energy industry led the technology sector[3][28][33]

Group 1 - The average stock price of A-shares is 13.95 yuan, with 152 stocks priced over 100 yuan, a decrease of 3 from the previous trading day [1] - The Shanghai Composite Index closed at 3997.56 points, down 0.25%, while stocks priced over 100 yuan saw an average decline of 1.30%, underperforming the index by 1.04 percentage points [1] - The highest closing price among stocks over 100 yuan is Kweichow Moutai at 1433.33 yuan, down 0.13% [1] Group 2 - In the past month, stocks priced over 100 yuan have averaged a decline of 0.73%, while the Shanghai Composite Index increased by 2.96% [2] - Notable gainers in the past month include Shannon Chip Creation, Yunhan Chip City, and Ding Tai High-Tech, with increases of 86.32%, 74.32%, and 59.85% respectively [2] - The stock that recently broke the 100 yuan mark is Shangtai Technology, closing at 101.41 yuan, up 8.08% with a turnover rate of 6.42% [2] Group 3 - The electronics sector has the highest concentration among stocks over 100 yuan, with 56 stocks, accounting for 36.84% of the total [2] - The main board has 32 stocks, the ChiNext has 49, and the Sci-Tech Innovation Board has 67, making up 44.08% of the stocks priced over 100 yuan [2] - Three stocks, including Keda Li, Jingwei Hengrun-W, and Desai Xiwai, received buy ratings from institutions today [2]

Market Overview - The semiconductor sector experienced a decline of 1.13% on November 7, with Daway Technology leading the drop [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Top Gainers in Semiconductor Sector - Kangqiang Electronics (002119) saw a significant increase of 10.02%, closing at 21.08 with a trading volume of 745,900 shares [1] - Wentai Technology (600745) rose by 9.70%, closing at 45.00 with a trading volume of 902,200 shares [1] - Changguang Huaxin (688048) increased by 9.01%, closing at 87.50 with a trading volume of 268,200 shares [1] Top Losers in Semiconductor Sector - Daway Technology (002213) fell by 5.66%, closing at 26.48 with a trading volume of 604,100 shares [2] - Canxin Technology (688691) decreased by 5.28%, closing at 115.73 with a trading volume of 67,900 shares [2] - Fudan Microelectronics (688385) dropped by 4.85%, closing at 57.90 with a trading volume of 136,600 shares [2] Capital Flow Analysis - The semiconductor sector experienced a net outflow of 4.338 billion yuan from institutional investors, while retail investors saw a net inflow of 2.454 billion yuan [2][3] - Notable net inflows from retail investors were observed in Kangqiang Electronics and New Clean Energy, with net inflows of 1.41 billion yuan and 1.15 billion yuan respectively [3] Summary of Trading Data - The trading data indicates a mixed performance among semiconductor stocks, with significant volatility in both gains and losses across various companies [1][2][3]

Group 1 - The optical module (CPO) index experienced a decline of 2% during intraday trading on November 7 [1] - Most constituent stocks of the index fell, with Dongshan Precision leading the decline at 4.23% [1] - Other notable declines included Yuanjie Technology at 3.39%, Liante Technology at 3.37%, Shijia Photon at 2.70%, and Xinyi Sheng at 2.60% [1]

Core Viewpoint - The China Securities 1000 Growth ETF (562520) opened down 0.54% at 1.298 yuan, reflecting a decline in several of its major holdings [1] Group 1: ETF Performance - The China Securities 1000 Growth ETF (562520) has a performance benchmark of the China Securities Select 1000 Growth Innovation Strategy Index [1] - Since its inception on March 8, 2022, the fund has returned 30.60%, while its return over the past month is -1.32% [1] Group 2: Major Holdings Performance - Key stocks in the ETF include: - Jucheng Co., Ltd. down 2.51% - Gylon Electronics down 0.96% - Gibit down 0.45% - Guangku Technology down 1.82% - Srypu down 1.34% - Lexin Technology down 0.91% - Huatu Shanding up 0.07% - Yuanjie Technology down 2.68% - Weimaisi up 0.17% - Anji Technology down 1.39% [1]

Group 1 - The technology sector showed strong performance today, with notable gains in computing hardware stocks, including Changguang Huaxin up 20%, Yuanjie Technology up over 16%, and Shijia Photon up over 12% [1] - The power concept stocks were also active, with Huasheng Lithium Battery hitting a 20% limit up and Yishitong rising over 10% [1] - The indices reflected this positive trend, with the Sci-Tech Growth Index rising by 3.8%, the Sci-Tech 50 Index up 3.3%, the Sci-Tech Comprehensive Index increasing by 2.5%, and the Sci-Tech 100 Index up by 2.3% [1] - The trading volume for the Sci-Tech 50 ETF (588080) significantly increased compared to the previous day [1]

Market Overview - In October, the number of layoffs in the U.S. reached the highest level for the same period in over 20 years, raising concerns about AI investment returns and hawkish comments from Federal Reserve officials, leading to a sell-off in U.S. stocks and cryptocurrencies [1] - The S&P 500 closed down 1.12%, the Dow Jones down 0.84%, and the Nasdaq down 1.90%, with major tech companies like Nvidia and Tesla leading the declines [2] Commodity Prices - COMEX gold futures fell by 0.14%, while WTI crude oil for December delivery decreased by 0.29% and Brent crude for January delivery dropped by 0.22% [3] Technology Developments - Google is targeting Nvidia with the launch of its most powerful AI chip [5] - Microsoft has officially formed a super-intelligent task force [6] Healthcare Sector - A significant agreement was reached between Trump and pharmaceutical companies Eli Lilly and Novo Nordisk, resulting in the largest price drop for GLP-1 weight loss drugs, now priced at $245 per month [7] Domestic Events - Xi Jinping emphasized the importance of implementing the spirit of the 20th Central Committee's Fourth Plenary Session and high-standard construction of the Hainan Free Trade Port [8] - The National Healthcare Security Administration announced a pilot program for intelligent review of the entire process of medical insurance management [9] Investment Opportunities - Super Fusion Digital Technology Co., Ltd. received strategic investment from a national-level fund as it prepares for its IPO [10] - Foreign investment in Xiaomi has surged by 53% over the past week, attributed to skyrocketing storage prices [11] - A restructuring platform for polysilicon is in the planning stages, with specific acquisition details still under discussion [12] Sector Insights - In the photovoltaic sector, leading companies are negotiating mergers and acquisitions to eliminate some enterprises and their capacities, with a positive outlook for the industry's recovery [14] - In the semiconductor sector, Marvell's stock rose over 10% following news of SoftBank's acquisition interest, while Google's new AI chip Ironwood is set to launch soon [14] - Domestic semiconductor company Hua Hong Semiconductor reported record sales of $635.2 million in Q3, a 20.7% year-on-year increase [15] Upcoming IPOs - Two new stocks are available for subscription: - Nanfang Network Digital, with a subscription price of 5.69 yuan per share, focusing on digitalization in the power energy sector - Hengkun New Materials, with a subscription price of 14.99 yuan per share, known for mass production of photolithography materials [18] Company Announcements - Tianqi Lithium signed a supply framework agreement with Zhongxin Innovation for a total of 725,000 tons of electrolyte products from 2026 to 2028 [21] - Su Da Weige plans to acquire a 51% stake in Changzhou Weipu Semiconductor Equipment Co., Ltd. for 510 million yuan [21]

Core Viewpoint - Yuanjie Technology (688498) experienced a significant price increase of 16.44% on November 6, closing at 616.53 yuan, with a trading volume of 37.04 billion yuan and a turnover rate of 10.35% [1][2]. Trading Activity - The stock was listed on the daily trading leaderboard due to its closing price increase of 15% [1]. - The top five trading departments accounted for a total transaction of 21.77 billion yuan, with a net buying amount of 2.66 billion yuan [1]. - The largest buying department was the Shanghai-Hong Kong Stock Connect, with a buying amount of 734.43 million yuan, contributing to a total buying of 487 million yuan from the top five buying departments [2]. - The largest selling department was also the Shanghai-Hong Kong Stock Connect, with a selling amount of 288.03 million yuan, leading to a total selling of 668 million yuan from the top five selling departments [2]. Capital Flow - The stock saw a net inflow of 27.65 million yuan from main capital on the same day [2].

Core Viewpoint - The article highlights the significant rise in stock prices of AI hardware-related companies, particularly focusing on Yuanjie Technology, which has seen a remarkable increase in its stock price due to strong demand in the data center market and improved company fundamentals [3][4][6]. Company Performance - Yuanjie Technology's stock price has surpassed 600 yuan, closing at 616.53 yuan per share, making it the third most expensive stock in A-shares, following Kweichow Moutai and Cambricon [4]. - The company's stock price has increased by 549.01% from a historical low of 78.14 yuan per share last September, reaching 429 yuan per share within a year [5][6]. - For the first three quarters of the year, Yuanjie Technology reported revenue of 383 million yuan, a year-on-year increase of 115.09%, and a net profit of 106 million yuan, marking a turnaround from losses [6]. Market Dynamics - The growth in performance is attributed to the gradual ramp-up of CW silicon optical source products in the data center market, leading to increased revenue and improved product mix [6][7]. - The company anticipates strong market demand with minimal pricing pressure, expecting an increase in product shipment volumes as production capacity grows from the end of this year into next year [7]. - The optical communication industry is transitioning from 800G to 1.6T, with supply constraints in core chips becoming a significant bottleneck, impacting the availability of optical devices [7].

Market Overview - A-shares rebounded on November 6, with the Shanghai Composite Index surpassing 4000 points, and the ChiNext Index rising nearly 2% [1] - Total trading volume in the A-share market exceeded 2 trillion yuan, with the Hong Kong market also seeing gains, as the Hang Seng Index rose over 2% [1] Sector Performance - Nearly 2900 stocks in the market were in the green, with the storage chip concept regaining strength, highlighted by significant gains in stocks like Demingli and Xiangnong [2][5] - The phosphorus concept stocks surged, with companies like Qingshuiyuan and Chengxing shares hitting the daily limit [9][11] - The semiconductor sector saw strong performance, with stocks like Changguang Huaxin and Hanwha Microelectronics experiencing notable increases [5][7] Storage Chip Market Dynamics - The global storage chip market is facing unprecedented structural supply-demand imbalances, particularly for DRAM, driven by high demand from data centers [6][7] - Major manufacturers, including Samsung, have suspended DDR5 contract pricing, leading to a 25% increase in DDR5 spot prices within a week [6][7] - Analysts suggest that the price of DDR5 could rise by 30% to 50% in the upcoming quarter due to these supply constraints [7] Phosphorus Industry Outlook - The phosphorus chemical industry is expected to maintain its favorable outlook, driven by the scarcity of phosphorus ore and increasing demand from downstream sectors [11] - The price of yellow phosphorus has seen a significant increase, with a recent spot price reported at 22,200 yuan per ton, reflecting a rise of 264 yuan from the previous trading day [9][11] AI Industry Chain Activity - The AI industry chain stocks were active, with companies like Yuanjie Technology and Dongtianwei achieving substantial gains [13][14] - The demand for AI data centers is projected to grow rapidly, with strong performance expected in related sectors such as advanced storage and logic chips [14]