沪指失守3900点，银行板块防御性凸显

Market Overview - The A-share market experienced a downward trend this week, with the Shanghai Composite Index falling by 3.90%, the Shenzhen Component Index by 5.13%, and the ChiNext Index by 6.15%, indicating greater pressure on small-cap stocks [1] - Internal factors contributing to this decline include a drop in October's industrial added value growth to 4.9% year-on-year and a decrease in retail sales growth to 2.9%, alongside ongoing adjustments in the real estate sector [1] - External factors such as geopolitical risks, hawkish statements from the Federal Reserve, and fluctuations in the US stock market have also impacted market sentiment [1] Sector Performance - The banking sector demonstrated strong defensive characteristics, with a decline of only 0.87%, while sectors like food and beverage, media, and home appliances saw declines of less than 2% [4] - The comprehensive, electrical equipment, and new energy sectors experienced significant declines, exceeding 9% [4] Key Data and Events - The Loan Prime Rate (LPR) remained unchanged for six consecutive months, with the one-year LPR at 3.0% and the five-year LPR at 3.5% as of November 20, 2025 [8] - The stability of the LPR aligns with market expectations, as the overall economic recovery in China is progressing steadily, with the annual growth target likely to be met [9][10] Notable Developments - Major advancements in AI applications were reported, with a leading e-commerce company launching an app that competes with ChatGPT, and OpenAI releasing a new video generation model, indicating a robust growth in AI applications [3] - On November 19, the main contract for lithium carbonate on the Dalian Commodity Exchange surpassed 100,000 yuan per ton for the first time since June 2024, boosting lithium mining stocks, although momentum weakened later in the session [4]