市场风格再平衡还将持续

Core Viewpoint - The market is experiencing a phase of structural "rebalancing," with significant rotation between sectors and within sectors, making it difficult to achieve a directional breakthrough around the 4000-point mark of the Shanghai Composite Index [1][2]. Group 1: Market Trends - Since the end of October, the Shanghai Composite Index has been fluctuating around the 4000-point level, with accelerated rotation between and within sectors [1]. - Multiple research institutions believe that the rebalancing of market styles will continue for some time, indicating a lack of directional breakthroughs [1]. - The recent market behavior reflects a global trend of structural rebalancing, with funds rotating from previously leading technology sectors to lower-performing sectors such as resources, consumption, and pharmaceuticals [1]. Group 2: Sector Analysis - According to Xinyi Securities, the recent market trend is characterized by rapid rotation between sectors, with institutions likely to balance their allocations as the year-end approaches [1]. - China Galaxy anticipates that the A-share market will continue its consolidation pattern, with a focus on balancing sector allocations in preparation for next year's economic outlook [1]. - Zhongyin International Securities suggests that the market will likely maintain a fluctuating trend around the 4000-point level, with a potential recovery in the previously lagging consumption sector as inflation data improves towards year-end [1]. Group 3: Future Outlook - According to Xinda Securities, the current style expansion is driven by valuation, expectations, and capital, which may persist for 1 to 2 quarters [1]. - Open Source Securities believes that the phase of market style rebalancing may last for 1 to 2 months, emphasizing the importance of internal differentiation within the technology sector and highlighting areas such as electric equipment, gaming, and photovoltaic sectors [2].