A股失守3900点，牛市行情结束了吗？

Market Overview - On November 21, the A-share market experienced a significant adjustment, with all three major indices opening lower and closing down. The Shanghai Composite Index fell 2.45% to 3834.89 points, while the ChiNext Index dropped over 4% [2][3] - More than 5000 stocks declined, with 107 stocks hitting the daily limit down, indicating a widespread sell-off in the market [3] Institutional Perspectives - Despite the market's downturn, institutional views suggest that the foundation of the current slow bull market remains intact, with potential for continued strength in A-share indices [2][9] - Yang Delong, Chief Economist at Qianhai Kaiyuan Fund, believes that the current market is a slow bull market that could lead to significant wealth growth for investors, with a possibility of a comprehensive bull market forming by 2026 [2][9] Global Market Context - The global stock markets are also under pressure, with major indices such as the Nikkei 225 and KOSPI experiencing declines of 2.40% and 3.79%, respectively. This global downturn is partly attributed to the cooling expectations for a Federal Reserve rate cut in December [5][6] - Concerns over high valuations in technology stocks have resurfaced, contributing to declines in global tech stocks, including Nvidia, which saw a drop despite reporting better-than-expected earnings [7][8] Future Market Outlook - Financial analysts maintain a positive outlook for the market in 2026, with expectations of continued inflows of micro-level capital and potential for exceeding profit expectations in companies [10][11] - The focus for future investments includes technology self-reliance, industrial base upgrades, and strategic resource security, as the market is expected to remain in a slow bull phase [10][11]