Do take note of what moondog says re: SHA vs. PVG - SHA is a much better option.

I wouldn't hesitate to fly in the morning. 9:20 to 11:50 is an easy connection in T2, provided all is on time. Morning departures tend to be on time. There's usually a 30 min buffer in the flight time (so SHA-PEK is actually 1h45 or so). Assume 30 mins from the time you land to the time you get to the check-in desks, so if all is well, you'll be at the check-in counter at 9:50 (this is with some buffer built in). You have an additional hour's buffer. I would totally do it.

T2 is pretty small and the domestic bag claim is close to the check-in desks.
According to EF, D>I connection time minimum is 2h. Though here you have separate tickets, so that'll slow you down a bit.