博时市场点评11月20日：两市继续调整，成交仍趋谨慎

Market Overview - The three major indices in the A-share market experienced fluctuations and consolidation, with total trading volume decreasing to 1.72 trillion yuan, indicating a growing wait-and-see sentiment among investors [1] - On November 20, the Loan Prime Rate (LPR) remained unchanged at 3.0% for the one-year term and 3.5% for the five-year term, aligning with market expectations [2] - The People's Bank of China is expected to continue implementing moderately accommodative monetary policies to promote economic recovery, with potential for further LPR adjustments [2] Economic Indicators - The U.S. Federal Reserve's October FOMC meeting minutes revealed a significant division among officials regarding future interest rate cuts, with a cautious approach to balancing anti-inflation and recession prevention [1][3] - The market's expectation for a rate cut in December has significantly decreased to about 30% probability, influenced by the Fed's data-dependent stance [1] - The U.S. Bureau of Labor Statistics announced that the October employment report will not be released, delaying key employment data to December 16, which adds uncertainty to the Fed's future decisions [3] Market Performance - On November 20, the A-share market saw declines across major indices: the Shanghai Composite Index fell by 0.40% to 3931.05 points, the Shenzhen Component dropped by 0.76% to 12980.82 points, and the ChiNext Index decreased by 1.12% to 3042.34 points [4] - In terms of sector performance, construction materials, comprehensive services, and banking sectors showed gains, while beauty care, coal, and electrical equipment sectors faced notable declines [4] Fund Flow - The market's trading volume was reported at 17,227.98 billion yuan, reflecting a decrease from the previous trading day [5] - The margin financing balance was recorded at 24,979.40 billion yuan, also showing a decline compared to the prior day [5]