SMIC(SH:688981) Xuan Gu Bao·2025-11-18 00:10Market Overview - The three major US stock indices hit a one-month low, with the S&P 500 down 0.92%, the Dow Jones down 1.18%, and the Nasdaq down 0.84% [1] - Financial and energy sectors fell nearly 2%, leading the decline in the S&P; the chip index dropped over 1% for three consecutive days, with Nvidia retreating nearly 2% [1] - The Chinese concept stock index fell over 1% for five consecutive days, with Xiaopeng Motors' stock dropping 10% after its earnings report [1] - US Treasury prices saw a decrease in decline, with the 10-year Treasury yield retreating after two days of increases [1] Currency and Commodities - The US dollar index continued to rise from a four-week low, while the offshore RMB fell over 100 points, breaching the 7.11 mark [2] - Oil prices retreated after two days of gains, and gold prices fell for three consecutive days to a one-week low, with spot gold dropping over 2% [2] Domestic Major Events - High-level financial dialogue between China and Germany held in Beijing, achieving multiple consensus outcomes and easing trade tensions [3] - The Hydrogen Energy Branch of the China Industrial Development Promotion Association held a seminar, releasing the "Initiative for Healthy Development of China's Electrolyzer Industry" [3] - The Ministry of Commerce and six other departments issued a notice to promote the "East Silk West Solid" initiative in the silk industry, encouraging the creation of regional public brands [3] - The National Medical Products Administration released opinions on deepening cosmetic regulation reforms to promote high-quality industry development [3] - The National Development and Reform Commission, along with the Ministry of Finance, issued opinions on accelerating the construction of modern state-owned forest farms [3] - The 2025 Quantum Technology and Industry Conference will be held from November 20 to 22, showcasing significant technological and industrial achievements [3] Industry Insights - Semiconductor: SMIC reported a 95.8% capacity utilization rate in Q3, indicating high demand, but the lack of significant growth in Q4 guidance is attributed to high memory prices causing customer hesitance [8] - Shipping: European shipping futures surged by 6.73%, with Maersk planning to raise freight rates for routes from Far East to Northern Europe starting December 1 [9] - 3D Printing: A significant breakthrough was achieved with the successful flight test of a 3D-printed simplified turbojet engine, marking a transition from technology validation to large-scale application [10] - Cosmetics: The National Medical Products Administration's new policies aim to foster a supportive environment for innovation and promote the emergence of competitive domestic brands [11] Company Announcements - New IPO: Jingchuang Electric plans to issue shares at 12.10 yuan each, focusing on cold chain intelligent control products, holding the largest market share in China [13] - A-share companies are undergoing significant stock price fluctuations, with several companies like Pingtan Development and Haixia Innovation facing stock suspension for investigation due to abnormal price movements [14] - SMIC is experiencing a supply shortage in the memory industry, leading to sustained high prices [14]