A股高开低走，两市再度缩量，银行逆市领涨 | 华宝3A日报（2025.11.20）

Core Viewpoint - The A-share market is currently experiencing a consolidation phase, with rapid rotation among sectors, particularly in technology and consumer sectors, as investors prepare for year-end allocations and future market trends [2]. Group 1: Market Performance - The A50ETF Huabao, launched on March 18, 2024, tracks the CSI A50 Index, while the CSI A100 ETF Fund was launched on August 1, 2022, and the CSI A500 ETF Huabao will be launched on December 2, 2024 [1]. - The overall market performance shows a decline, with the Shanghai Composite Index down by 0.4%, the Shenzhen Component Index down by 0.76%, and the ChiNext Index down by 1.12% [1]. - The total trading volume in the two markets reached 1.71 trillion yuan, a decrease of 177 billion yuan compared to the previous day [1]. Group 2: Sector Insights - The technology sector is currently in a consolidation phase, while funds are rotating towards themes such as lithium batteries and electrolytes, benefiting from policy support in the consumer sector [2]. - Institutional investors are expected to balance their allocations as they prepare for the market outlook for the upcoming year, indicating a continued focus on sector rotation [2]. Group 3: Investment Products - Huabao Fund has launched three major broad-based ETFs under the CSI "A Series," providing investors with diverse options to invest in China's market [2]. - The A50ETF focuses on the top 50 core leading companies, while the CSI A100 ETF encompasses the top 100 industry leaders, and the CSI A500 ETF targets the top 500 companies in the A-share market [2].