How did market sentiment change in morning trading?

  • On the morning of 4 November, indices fluctuated weakly with somewhat less volatility, trading volume edged down from the previous session, and large investors made no notable moves.
  • After funds shifted from high-priced to lower-priced stocks in the previous session, short-term trading losses became more widespread, with many stocks that had hit their daily upper limits the day before falling sharply. The author believes repeated pressure on the upper limit of speculative gains has weakened the incentive to chase rallies, and sentiment has shown signs of cooling.

Which sectors recovered, and which areas were weak?

  • Technology stocks recovered noticeably. The author believes expectations of a potential slowdown in IPOs drove unusual activity on the STAR Market and were also an important reason for strength in semiconductors and chips; computing-power hardware was relatively weak.
  • Funds returned to humanoid robotics. Suoni Technology hit its 20% daily upper limit, leading the sector, while Zhaowei Machinery & Electronics and Fulaite New Materials also hit their upper limits. In related news, two humanoid robot reference platforms unveiled by Nvidia in May and October both use robotic hands developed or manufactured by Chinese companies.
  • The return of funds to these sectors kept the market from entering a phase of rapid rotation, with attention instead focused on a handful of established themes. Short dramas and gaming remained active despite divergent performance. Consumer stocks showed considerable divergence overall.

What stands out about Luoyang Bearing's humanoid robotics business?

  • The author is closely tracking Luoyang Bearing: its Hongyuan Bearing subsidiary offers bearings for various robot reducers and supplies manufacturers including Leader Harmonious Drive Systems, AgiBot and Unitree. Joint bearings affect a robot's motion accuracy and operational stability.
  • According to QYResearch, the global market for humanoid robot joint bearings was approximately 53 million US dollars in 2025, and is forecast to grow at a compound annual rate of 44.0% from 2026 to 2032. Several institutions believe that if humanoid robot shipments rise from the tens of thousands to the millions, the bearing market could expand to the tens of billions.