On November 12, A-shares staged a strong morning rally, with the STAR 50 Index once climbing nearly 5%, after which the indices stepped down in a staircase-like oscillation. By the close, the Shanghai Composite Index was down 0.67%, the Shenzhen Component Index fell 1.68%, the ChiNext Index dropped 2.44%, and the STAR 50 gained 0.73%. Trading volume across the Shanghai and Shenzhen markets exceeded 1,932.1 billion yuan, with more than 4,600 individual stocks declining. By sector, most were in the red, including Physical AI, precious metals, film and theater chains, gaming, and baijiu; computing power chips, CPU concepts, dairy, and semiconductors bucked the trend and moved higher. The Physical AI sector led the declines, with Orbbec and Frontop Digital Creative Technology falling more than 12%, while Suchen Technology, Hanwang Technology, and Haunen Auto also declined. The film and theater chain sector pulled back, with Huace Film & TV falling more than 13%, followed by Shanghai Film, Bainaqiancheng, and Huazhi Digital Media. The computing power chip sector opened higher and extended gains, with Tianpu Shares hitting the daily limit, Muxi Shares, Moore Threads, and Cambricon rising more than 8%, while Rendong Holdings, Huadong Heavy Machinery, and Hygon Information also advanced. The semiconductor sector strengthened against the trend, with Enflame Technology rising 13% to hit an intraday record high, while Centec Networks, CSSC Special Gas, Chaochun Yingcai, CanSemi, and many other stocks posted gains.