A股大跌 公募研判后市：“牛市的基础没有发生改变！”

Core Viewpoint - A-shares experienced a significant decline on November 21, with the Shanghai Composite Index dropping over 2% and closing at a loss of 2.45% [2][3] Market Performance - The Shanghai Composite Index fell by 2.45%, the Shenzhen Component Index by 3.41%, and the ChiNext Index by 4.02% [2] - Sectors such as internet and media entertainment saw gains, while materials, chemicals, semiconductors, and electrical equipment faced declines [2] Causes of Decline - Multiple factors contributed to the adjustment in A-shares, including external risks and internal structural contradictions [3] - Concerns over an AI bubble and the impact of U.S. Federal Reserve interest rate expectations led to a decrease in global risk appetite [3][4] - The market is currently in a policy and earnings vacuum, lacking new catalysts following the third-quarter report disclosures [3] - The recent performance of the U.S. stock market, particularly the drop in major indices, negatively affected investor sentiment in the Asia-Pacific region, including A-shares [4] Future Outlook - Short-term market movements may continue to be volatile, but there is a long-term optimistic view on the potential for new highs in indices [5][6] - The domestic liquidity environment remains reasonably ample, and corporate earnings are gradually confirming a bottom [6] - The potential for a clearer path to interest rate cuts by the U.S. Federal Reserve could alleviate external pressures [6] Investment Strategy - A balanced investment strategy is recommended, focusing on sectors benefiting from "anti-involution," AI, and overseas expansion concepts [8] - Investors are advised to maintain a rational perspective on short-term fluctuations and adhere to value investment principles [7] - Emphasis on diversifying investments and setting stop-loss targets to manage risk exposure effectively [7]