程强：市场延续调整，AI应用领涨

Market Overview - The A-share market continues to adjust, with the Shanghai Composite Index closing down 0.81% at 3939.81 points, marking three consecutive days of decline [2] - The total market turnover reached 1.95 trillion, an increase of 0.8% from the previous day, with 4103 stocks declining, the highest in nearly a month [2] Market Analysis - The stock market is experiencing external disturbances, leading to a three-day adjustment. The decline is primarily driven by high-flying sectors, particularly in the lithium battery industry, which saw significant drops in various components [4] - The AI application sector is showing strength, with notable increases in stocks related to platforms like Pinduoduo and Xiaohongshu, driven by the competitive landscape with Alibaba's "Qianwen APP" [4] External Factors - Recent external factors affecting the market include a hawkish stance from the Federal Reserve, raising concerns about potential interest rate cuts in December and overly optimistic expectations for 2026 [5] - Tensions in Sino-Japanese relations have also impacted market risk appetite [5] Bond Market - The bond market is showing strong fluctuations, with the 30-year main contract rising by 0.06% and other contracts also experiencing slight increases [7] - The central bank conducted a reverse repurchase operation of 407.5 billion yuan, maintaining a stable funding environment [7] Commodity Market - The commodity market is generally weak, with the Nanhua Commodity Index falling by 0.53%. Notably, coking coal futures dropped by 3.86% due to weakening supply and demand expectations [8] - The decline in coking coal prices is attributed to stable supply signals from the government and a shift in market sentiment regarding winter supply shortages [8] Trading Hotspots - Recent popular sectors include dividends, artificial intelligence, and quantum technology, with a focus on capital expenditure trends and technological breakthroughs [11] - The investment strategy suggests a balanced allocation towards dividend stocks, micro-cap stocks, and industry trend sectors, while monitoring policy support and international commodity prices [12]