On November 20, 2025, the three principal A-share indices—namely the Shanghai Composite Index, the Shenzhen Component Index, and the ChiNext Index—opened on an upward trajectory. Specifically, the Shanghai Composite Index climbed by 0.35%, the Shenzhen Component Index surged by 1.03%, and the ChiNext Index leapt by 1.79%.

Within the market, the NVIDIA supply chain emerged as the frontrunner, propelling significant gains in the CPO (Co-Packaged Optics) and memory sectors. Yuanjie Technology witnessed a remarkable surge exceeding 6%, while Zhongji Innolight and Kingboard Electronics each soared by over 5%. Foxconn Industrial Internet and Cambridge Technology also experienced robust growth, with increases surpassing 4%.

Furthermore, themes centered around semiconductors, financial technology, and AI applications displayed robust momentum. Conversely, sectors such as ice and snow tourism, rare earths, and lithium batteries encountered setbacks. Dalian Shengya, for instance, plummeted by over 2%, and Northern Rare Earth saw a decline exceeding 1%.

According to Wind statistics, a total of 3,611 stocks across the two main markets and the Beijing Stock Exchange registered gains. In contrast, 1,143 stocks experienced declines, and 692 stocks remained steady.

From a capital perspective, the People's Bank of China conducted a 7-day reverse repo operation amounting to 300 billion yuan at an operating interest rate of 1.40%. This maneuver resulted in a net injection of 110 billion yuan for the day.

Regarding margin trading, the financing balance across the two markets contracted by 4.569 billion yuan, bringing the total to 2,472.454 billion yuan.

In terms of exchange rates, the central parity rate of the RMB against the US dollar was established at 7.0905, marking a depreciation of 33 basis points.