A-shares opened lower, with the memory sector leading the decline; Hong Kong stocks opened higher, the Tech Index rose 0.37%, and most technology and automobile stocks rebounded.

A-shares opened lower, with the ChiNext Index down 0.13%. Computing hardware themes weakened, with the storage sector leading the decline; lithium battery electrolyte, fluorine chemical, solid-state battery, and SPD concept stocks also weakened. Lithium mining, aquaculture, and gold concept stocks strengthened. Hong Kong stocks opened higher, with the Hang Seng Index up 0.09% and the Tech Index up 0.37%. Baidu Group rose more than 2%, XPeng Motors rose nearly 2%, while Xiaomi Group fell nearly 2%. Software stocks, gold stocks, and lithium battery stocks all rose, while most airline, power, and aluminum stocks were sluggish. In the bond market, government bond futures extended losses: the main 30-year contract fell 0.41%, the 10-year contract fell 0.09%, the 5-year contract fell 0.05%, and the 2-year contract fell 0.02%. In commodities, most commodity futures opened lower. The ferrous metals sector led the declines, with coking coal down 1.54%; all shipping futures fell, with the container shipping index (Europe line) down 1.19%; all precious metals rose, with Shanghai silver up 0.60%. Most chemical products rose, with rubber up 0.46%. 9:50 The continuous lithium carbonate main contract surged 5% intraday, quoted at 99,340 yuan/ton. News: CITIC Securities stated that strong demand has caused monthly shortages and destocking of lithium carbonate. According to Mysteel data, supply in November was about 115,000 tons, while demand was 128,000 tons, resulting in a shortage of about 13,000 tons; the market continues to destock. Meanwhile, off-season consumption remains strong, and orders can be sustained into next year. Currently, the supply-demand contradiction for lithium carbonate has shifted from supply pressure to consumption-driven. In the medium to long term, sustained strength in energy storage demand will drive a round of price increases across the entire lithium battery supply chain, and the basic supply-demand situation of lithium carbonate will improve significantly. Static projections show that global lithium resources will supply 2.089 million tons in 2026, with consumption at 2.004 million tons. Without considering cathode segment and trader restocking, the surplus is only 85,000 tons, narrowing compared to 2025. If supply chain restocking is considered, there will be a structural shortage in 2026, and lithium prices will be driven upward by demand rather than supply pressure. 9:47 Xiaomi once fell more than 6% intraday, but has currently narrowed its decline to 3.5%. Previously, Xiaomi released its earnings report, with Q3 total revenue lower than market expectations; Citi lowered its target price. 9:30 Government bond futures opened: the main 30-year contract fell 0.12%, the 10-year contract fell 0.01%, the 5-year contract fell 0.01%, and the 2-year contract was flat. 9:29 The aquaculture sector led the opening gains, with Zhongshui Fishery up four consecutive trading days; Kai Chuang International, East Ocean, Zhangzi Island, and Da Hu Co. all opened higher. 9:25 The Shanghai Composite Index opened at 3,937.92, down 0.05%. Shenzhen Component Index opened at 13,071.94, down 0.07%. ChiNext Index opened at 3,065.16, down 0.13%. CSI 300 opened at 4,568.04, unchanged. STAR 50 opened at 1,355.13, down 0.21%. CSI 500 opened at 7,141.26, down 0.14%. CSI 1000 opened at 7,438.14, down 0.13%. 9:22 Baidu opened up more than 2%, after releasing its earnings report; Citi raised its target price. XPeng Motors, Midea, and NetEase all rose more than 1%. Xiaomi fell nearly 2%, after releasing its earnings report. Hang Seng Index opened up 0.09%, and Hang Seng Tech Index rose 0.37%. News: Thanks to strong growth in its automotive business, Xiaomi Group's Q3 profit soared 80% year-on-year to a record high, but revenue growth fell short of market expectations. Revenue from phones and home appliances declined, indicating that after over a year of aggressive "phone-car-home" strategy, at least two of its three major business lines face growth bottlenecks. Citi’s research report noted that Xiaomi’s Q3 adjusted net profit exceeded expectations, mainly due to non-operating income matching estimates and margins beating expectations thanks to solid IoT, Internet, and EV segment performance, though operating expenses were higher than anticipated. Notably, the EV and new businesses contributed operating profit of RMB 700 million in Q3, compared to RMB 300 million loss in Q2, in line with forecasts. Target price was lowered to HK$50, with a "Buy" rating maintained. 9:15 The RMB central parity rate against the USD was quoted at 7.0872, 16 points lower; previous day's central parity was 7.0856, official close was 7.1125, and previous night’s close was 7.1074. 9:00 Commodity futures opening: Palm oil main contract rose nearly 2%, crude oil rose 1%. Soda ash and offset paper fell over 2%, coking coal and coke fell over 1%. FTSE China A50 Index futures opened up 0.07%, after closing up 0.08% the previous night. Risk Warning and Disclaimer There is market risk and investments should be made with caution. This article does not constitute individual investment advice, nor does it take into account the specific investment objectives, financial situation, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are appropriate for their specific circumstances. Invest at your own risk.