NVIDIA chips are coming, and the RMB exchange rate has greatly appreciated! What is the subsequent main line direction for A-shares?

1. NVIDIA has hinted at selling H200 chips to China.

Big news came last night; NVIDIA has informed Chinese customers of plans to deliver artificial intelligence (AI) chips H200 to them before the Spring Festival in mid-February next year. Although this chip currently ranks second in performance, it belongs to the new Blackwell series of chips that have stock remaining. Last year, international manufacturers were unwilling to order this chip, resulting in inventory buildup, and the latest Rubin chip, set to be released in 2026, will again upgrade AI chip iterations.

2. U.S. tech stocks continue to strengthen.

By 2026, this AI chip will lag behind mainstream market chips by two generations. Even if it's not exported to China, it will still be difficult to sell. Although 25% of the chip price must be given to the U.S. government as an export license fee, it is undoubtedly very favorable for NVIDIA. Overnight, NVIDIA’s stock price rose by over 3%, making its total market value number one in the world at 4.6 trillion. U.S. tech stocks continue their full-scale counterattack, with the Dow, Nasdaq, and S&P 500 indices rising by 0.16%, 0.57%, and 0.46%, respectively.

3. The RMB has greatly appreciated to 7.01!

Chinese concept stocks performed weakly last night, with the Nasdaq Golden Dragon Index falling by 0.58%. The A50 futures performed poorly in the morning, briefly diving by only 1%, with the afternoon decline narrowing to 0.54%. The Hong Kong Hang Seng Index performed calmly, with a morning increase of only 0.13%, having already closed for the Christmas holiday and not continuing to open this week. Conversely, the RMB exchange rate has greatly appreciated, with the offshore RMB against the dollar reaching 7.01!

4. A-share stocks performed better than the indices.

Today's A-share market is relatively good, not affected by Chinese concept stocks and A50 futures. Although the four major indices closed in the red yesterday, the indices rose while stocks did not. By the afternoon close, the Shanghai Composite Index and the Shenzhen Component Index rose by 0.24% and 0.31%, respectively, while the Growth Enterprise Index and the Sci-Tech Innovation 50 Index rose by 0.08% and 0.29%. There were 3883 individual stocks that rose, while only 1342 fell, showing that individual stocks performed better than the indices.

In summary, today in terms of sectors, the commercial aerospace concept is booming, with the aviation sector leading the two markets with a rise of 2.49%. As mentioned in yesterday's closing review, even though these two recoveries failed, there has still been very significant progress, and the subsequent commercial market is a long-term trend rather than a short-term hot speculation.

Additionally, for the main line layout direction of the spring market, various institutions currently have a high call for undervalued core assets, with most believing it is a style where weight acts as a stage, and growth takes the lead. Coupled with management departments' proposals for state-owned enterprises to strengthen market value management, today's market performance aligns with both policy and market expectations.