NVIDIA chips are coming, and the RMB exchange rate has greatly appreciated! How should we view the subsequent main line direction of A-shares?

1. NVIDIA hints at selling H200 chips to China

Big news came last night, NVIDIA has informed Chinese customers of its plan to deliver artificial intelligence (AI) chips H200 to Chinese customers around mid-February next year, before the Spring Festival. Although this chip currently ranks second in performance, it is part of the inventory after the release of the new Blackwell series chips. Last year, international manufacturers were unwilling to order this chip, leading to inventory buildup, and the latest Rubin chip, set to be released in 2026, will once again upgrade AI chip iterations.

2. US tech stocks continue to strengthen

By 2026, this AI chip will lag behind mainstream market chips by two generations. Even if it is not exported to China, it will be difficult to sell. Although 25% of the chip price has to be paid to the US government as export license fees, it is undoubtedly a major boon for NVIDIA. Overnight, NVIDIA's stock price rose more than 3%, with a total market value of 46 trillion, ranking first globally. US tech stocks continued to rebound across the board, with the Dow, Nasdaq, and S&P 500 indices rising by 0.16%, 0.57%, and 0.46%, respectively.

3. RMB significantly appreciates to 7.01!

Last night's performance of Chinese concept stocks was relatively weak, with the Nasdaq Golden Dragon China Index falling by 0.58%. The A50 futures performed poorly this morning, briefly plunging by 1%, but the afternoon drop narrowed 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 trading this week. Conversely, the RMB exchange rate has greatly appreciated, with the offshore RMB against the US dollar reaching 7.01!

4. A-share stocks perform better than indices

Today's A-share market is relatively good, unaffected by Chinese concept stocks and A50 futures. Although the four major indices closed in the green yesterday, the indices rose while stocks did not. By noon today, the Shanghai Composite Index and Shenzhen Component Index rose by 0.24% and 0.31%, respectively, while the ChiNext Index and Sci-Tech 50 Index rose by 0.08% and 0.29%. A total of 3883 stocks rose in the two markets, while only 1342 fell, indicating that individual stocks performed better than the indices.

In summary, today in terms of sectors, the concept of commercial aerospace is booming, with the aviation sector leading the two markets with a rise of 2.49%. As mentioned in yesterday's closing review, although there were two failures in recovery, there has still been significant progress. The follow-up commercial market is a trend market for a large cycle, rather than short-term hot speculation.

Additionally, regarding the layout direction of the spring market, current institutions have a high call for undervalued core assets, with most believing it is a style of weight lifting the stage and growth performing, combined with the management departments' proposal that state-owned enterprises need to strengthen market value management, indicating that today's market aligns with policy and market expectations.