沪指险守4000点 “大象起舞”行情再现

Market Overview - The A-share market experienced a rebound after a dip, with the Shanghai Composite Index closing at 4000.14 points, down 0.07%, and the Shenzhen Component Index at 13240.62 points, down 0.36% [1] - The total trading volume in the Shanghai and Shenzhen markets was 196.48 billion yuan, a decrease of 49.1 billion yuan from the previous trading day [1] Banking Sector - The banking sector showed strong performance, with Agricultural Bank of China and Industrial and Commercial Bank of China both reaching historical highs. Agricultural Bank rose by 3.49%, with a market capitalization exceeding 3 trillion yuan and a year-to-date increase of 68.10% [2] - According to research from Everbright Securities, there is a 70% probability of absolute returns for the banking sector from November to December, and an 80% probability for January of the following year [2] - Insurance capital increased its holdings in the banking sector, with a reported 27.95% holding ratio and a market value accounting for 3.99% of the circulating A-shares [2] Pharmaceutical Sector - The pharmaceutical sector continued to strengthen, with significant activity in immunotherapy, brain engineering, and influenza treatments. Notable stocks included People's Tongtai and Bohui Innovation, which saw substantial gains [3] - Bohui Innovation announced that its subsidiary received approval for clinical trials of a vaccine, marking a significant development in the pharmaceutical field [3] - The global brain-computer interface market is projected to grow from approximately 2.62 billion USD in 2024 to 2.94 billion USD in 2025, with a compound annual growth rate of 17.35% over the next decade [3] Investment Trends in Pharmaceuticals - Research from Galaxy Securities indicates that the pharmaceutical sector is undergoing a structural recovery, with public fund holdings still below historical averages. The sector is expected to benefit from supportive policies for commercial insurance development [4] - The outlook for pharmaceutical innovation remains positive, with expectations for a rebound in investment and financing in the sector [4] Market Style and Future Outlook - The market style is expected to become more balanced in 2026, with the Shanghai Composite Index remaining above 4000 points, indicating a healthy adjustment phase [5] - The focus has shifted to defensive sectors such as consumption and cyclical industries, while growth sectors are temporarily under pressure [6] - Key areas to watch include the implementation of policies in emerging fields like humanoid robots and commercial aerospace, as well as macroeconomic sentiment changes [6]