DeepSeek V5 Plans to Pretrain on Huawei Ascend Chips, the First Large Model Natively Trained on Ascend 950

Main article

①DeepSeek V5 is reportedly planning to conduct pre-training based on Ascend chips, marking a breakthrough in domestic computing power training;

②A super-strong El Niño is expected to peak in late autumn to early winter, drawing attention to the agricultural planting chain;

③Electronic cloth price increases took effect in November, and the industry's high prosperity is expected to continue;

④Guangdong issued an important plan with 37 measures to boost consumption;

⑤Hongguo Free Short Dramas surpassed Doubao in user numbers, as short dramas become a new engine for traffic growth;

⑥Xiaomi's humanoid robot completed an 8-hour full-shift factory operation, accelerating industrialization.

Market Review

On November 3, the three major A-share indices adjusted collectively, with the Shanghai Composite Index falling 0.82% to 3608.10 points and the ChiNext Index falling 2.73%. Trading across the Shanghai, Shenzhen and Beijing markets totaled 1.7 trillion yuan, with more than 3,300 stocks declining. Insurance and agriculture, forestry, animal husbandry and fishery sectors were active, while semiconductors and CPO sectors led the declines.

DeepSeek V5 plans to pre-train based on Ascend chips

According to media reports, DeepSeek's next-generation large model DeepSeek V5 plans to conduct pre-training based on Huawei Ascend chips. Previously, Ascend chips were mainly used for inference tasks of DeepSeek large models; V5 will be its first large model natively trained on Ascend 950, with the project timeline pointing to launch next year.

Huaxi Securities pointed out that the driving force for domestic computing power has shifted from catching up in single-card performance to system-level engineering capability and supply guarantee capability. The supply-demand gap for high-end computing power is difficult to ease in the short term, and the trend of accelerating domestic substitution is clear. Manufacturers with system-level supply capabilities such as supernode complete machines will benefit.

Key stocks

Sugon: The company is a major player in domestic supernodes and intelligent computing clusters, with capabilities in ScaleX supernodes, 100,000-card clusters and computing network integration, and is covered by research reports from Soochow Securities and China Securities.

China Meteorological Administration: Super-strong El Niño expected to peak in late autumn to early winter

On November 3, the China Meteorological Administration held a press conference. Gao Rong, deputy director of the National Climate Center, introduced that in September 2026 a super-strong El Niño event formed in the central and eastern equatorial Pacific, and in October it developed into the strongest El Niño event since monitoring records began. It is expected to peak in late autumn to early winter and will have a significant impact on China's climate this winter and next spring.

Wanlian Securities pointed out that the El Niño supply shock is transmitted along the planting chain. The sector's weather expectation pricing is currently relatively full, and follow-up attention should be paid to industrial chain companies that may benefit from possible rises in agricultural product prices, as well as seed industry companies whose stress-resistant varieties may see increased demand under extreme weather.

Key stocks

Quanyin Hi-Tech: The company is a major seed industry enterprise, mainly engaged in the R&D and promotion of hybrid rice, corn and other seeds. It is expected to benefit from increased demand for stress-resistant varieties under extreme weather and is covered by brokerage research reports.

Suken Agricultural Development: The company is a large-scale planting enterprise, with rice and wheat planting as its main business. Under expectations of rising grain prices, planting returns are expected to improve.

Electronic cloth price increases took effect in November, with leading enterprises at full capacity

November electronic yarn and electronic cloth prices released by Zhuochuang Information show that mainstream 7628 thick cloth was quoted at 14.6 yuan/meter to 14.65 yuan/meter, up 1.5 yuan/meter month-on-month, and 2116 thin cloth was quoted at 20.2 yuan/meter, up 2.5 yuan/meter month-on-month. Several leading listed electronic cloth companies confirmed to the media that electronic cloth and electronic yarn are priced according to market conditions and remain in an upward channel in November, with relevant capacity at full production.

Electronic cloth is a core reinforcing material for copper-clad laminates, and high-end products mainly support high-speed and high-frequency scenarios such as AI servers and switches. New industry capacity will basically be gradually implemented only in the second half of 2027, and the tight supply-demand balance is difficult to change in the short term.

Key stocks

Honghe Technology: The company is a major electronic-grade glass fiber cloth enterprise, focusing on the R&D and production of electronic cloth. Electronic cloth price increases and full capacity are expected to enhance earnings elasticity.

Sinoma Science & Technology: The company is one of the major glass fiber enterprises, and its Taishan Fiberglass unit is involved in electronic yarn and electronic cloth, and is covered by brokerage research reports.

Guangdong issues implementation plan to expand consumption

The Guangdong Provincial Development and Reform Commission recently issued the "Guangdong Province Implementation Plan for Expanding Consumption," deploying 37 measures across seven areas. It proposes deepening the implementation of trade-ins for consumer goods, focusing support on automobiles, home appliances, digital products, smart homes and other fields, accelerating the development of "AI + consumption," and promoting vehicle manufacturers to seek L3 autonomous driving model access and road pilot programs in accordance with regulations.

Xiangcai Securities pointed out that consumption-boosting policies continue to intensify. The current valuation of the consumption sector is at a relatively low historical level, and combined with the year-end consumption peak season and capital rebalancing, the recovery elasticity of the consumption sector deserves attention.

Key stocks

Guangzhou Restaurant: The company is a catering and food enterprise, with coordinated development of catering and food manufacturing. It is expected to benefit from the brand building of "Food in Guangdong" and the upgrading and expansion of service consumption, and is covered by brokerage research reports.

Desay SV: The company is a leader in intelligent driving domain controllers, with a leading domestic front-installation market share in high-level intelligent driving domain controllers. Under L3 commercialization and Robotaxi volume growth, demand for core hardware will rise, and it is covered by research reports from CICC, Soochow Securities, Guolian Minsheng and other brokerages.

Hongguo Free Short Dramas surpass Doubao in user numbers

QuestMobile released the "China Mobile Internet Autumn Report" on November 3. As of September 2026, the top three apps within ByteDance Group became Douyin, Hongguo Free Short Dramas and Doubao, with de-duplicated total user volumes of 1.029 billion, 430 million and 419 million respectively. Hongguo has surpassed Doubao; short drama videos and short videos have become the core engine of growth in mobile internet usage time, and the scale of short drama users grew from 10 million to 400 million in less than 3 years.

China Merchants Securities pointed out that AI video is gradually entering the stage of commercial monetization. AI short dramas and AI comic dramas are the first to meet user demand and create scaled revenue. Industry competition will shift from capacity expansion to premium content and improved distribution efficiency. Companies with high-quality IP reserves and platform distribution resources are recommended for attention.

Key stocks

Huace Film & TV: The company is a major film and television content production enterprise, with rich IP reserves and a layout in premium micro short dramas and AI short dramas. It is expected to benefit from the trend of premiumization of short dramas and is covered by a research report from China Post Securities.

Xiaomi humanoid robot enters auto factory, completes 8-hour full-shift operation

On November 3, Xiaomi disclosed the latest progress in two areas of its robotics business: industrial manufacturing and home scenarios. Xiaomi's humanoid robot entered an automobile factory and for the first time completed 8 hours of stable operation, meeting the workstation's full-day production needs. The embodied foundation model simultaneously launched trial operations in home scenarios at youth apartments, capable of more than 30 minutes of continuous operation, covering 3 rooms and executing more than 50 tasks. The embodied foundation model also recently won the "Leading Technology Award" at the World Internet Conference Wuzhen Summit.

A CITIC Securities research report pointed out that the robotics theme market currently has the conditions to launch, and it is optimistic about the mass production and application prospects of the robotics industry.

Key stocks

Sanhua Intelligent Controls: The company is a major enterprise in electromechanical actuators and thermal management, positioned in the actuator segment of humanoid robots. The acceleration of humanoid robot industrialization will drive demand for core components.

Estun: The company is a major domestic enterprise in industrial robot bodies and motion control, covering controllers + servos + bodies, with capabilities in six-axis, collaborative and humanoid robot core components, and is covered by research reports from multiple brokerages.

(Source: East Money Research Center) Mid-article embedded advertisement