大盘震荡调整，多家海内外券商机构发布2026年A股展望，“慢牛”格局成为主流预期，A500ETF龙头(563800)均衡配置A股核心资产

Group 1 - A-shares experienced a collective decline on November 21, 2025, with the Shanghai Composite Index down 1.88%, the Shenzhen Component down 2.72%, and the ChiNext down 3.18% [1] - Foreign investment institutions are increasingly allocating to Chinese assets, with UBS reporting a slight increase in Chinese positions across various funds in Q3 [1] - Major foreign institutions like JPMorgan, BNP Paribas, and Merrill Lynch have increased their allocations to A-shares, focusing on sectors such as electrical equipment, chemicals, and software services [1] Group 2 - Current market style diffusion is driven by valuation, expectations, and capital, which may continue for 1-2 quarters, but a shift to a more significant market trend requires the realization of value stock earnings logic [2] - The outlook for the Chinese economy remains positive, supported by policies aimed at reducing internal competition, increasing the likelihood of breaking the negative feedback loop of "price-demand" [2] - The certainty of an A-share bull market is gradually strengthening, with market corrections seen as potential buying opportunities [2] Group 3 - As of November 21, 2025, the CSI A500 Index fell by 1.52%, with the A500 ETF leading in trading volume at 7.96 billion yuan [3] - The top-performing stocks within the A500 ETF included Transsion Holdings, BlueFocus Communication Group, and Hengli Hydraulic, while Tianhua New Energy and others faced declines [3] - The A500 ETF is designed to provide balanced exposure to quality leading companies across various industries, with the top three sectors being electronics (13.86%), electrical equipment (11.14%), and banking (7.62%) [3]