The Chinese stock market continued its upward trend on November 11, following gains from the previous day. Analysts attribute the rise to improved investor sentiment regarding AI. The Shanghai Composite Index closed up 0.46% at 3,680.64, the Shenzhen Component Index rose 1.32% to 11,389.74, and the ChiNext Index increased by 3.11% to 2,572.07.
CoreWeave, a U.S. AI infrastructure company, reported strong growth in its third-quarter earnings, alleviating concerns about an AI bubble and boosting investor sentiment in Chinese AI-related stocks. Additionally, China's trade surplus surpassed $1 trillion from January to October, driven by increased exports of high-tech products amid global competition in AI infrastructure, which positively influenced AI investment sentiment. This suggests that China's semiconductor and AI hardware industries are benefiting from the global expansion of AI investments.
Earlier in November, the People's Bank of China and the China Securities Regulatory Commission announced measures to support stock buybacks, capital increases, and liquidity in the stock market to stabilize it. During a State Council executive meeting on November 6, officials also outlined plans to enhance the stability mechanisms of the capital market. Chinese securities firms view the government's commitment to supporting stock prices as a factor bolstering market stability.
Notably, stocks related to optical modules for AI data centers saw significant gains. Companies such as Jianchao Technology and Qingshan Paper reached their daily price limits. Jianchao Technology, a leading optical module firm, disclosed in an investor relations presentation that its monthly design production capacity for high-speed optical modules reached approximately 1 million units as of early September 2026. The company plans to expand its production capacity by at least 10 million high-speed optical modules annually by the end of 2027, with new facilities planned in China, Malaysia, Mexico, and the United States. This news of large-scale production expansion has positively influenced investor sentiment.
Stocks related to robotics also performed well, with Fenglong Co., Guangyang Co., and Fengyuzhu closing at their daily limits. The recent announcements of new products by NVIDIA and Anthropic on November 9, which showcased advancements in robotic intelligence technology, have reportedly stimulated investor interest. According to test results released by Anthropic, its model achieved an average success rate of 64.9% in a benchmark test for dual-arm simulation robots.
Meanwhile, the People's Bank of China set the official yuan exchange rate at 6.7191 yuan per dollar, an increase of 0.0024 yuan from the previous day, reflecting a 0.04% decline in the value of the yuan.
* This article has been translated by AI.
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