Nvidia(US:NVDA) Sou Hu Cai Jing·2025-11-21 17:03Group 1 - Goldman Sachs faced a dramatic situation in the A-share market, with all 26 major A-shares it heavily invested in declining amid a bull market, with 13 stocks dropping over 20% [1] - The stark contrast between Goldman Sachs' performance in the A-share market and its success in the US market, where its holdings reached a total market value of $740 billion, highlights the unique dynamics of global capital markets [1] - The A-share market experienced its largest single-day drop since April 7, with around 2,500 stocks declining over 3%, particularly in the technology sector [3] Group 2 - Goldman Sachs provided nine reasons for the decline in the US stock market, including the exhaustion of Nvidia's positive news and rising risks in private credit [3] - The adjustment of margin financing rates for popular stocks like SMIC and Baiwei Storage to zero has led to significant deleveraging in the market [5] - Historical data indicates that market bottoms often have identifiable characteristics, with past instances showing a combination of policy and market bottoms [9] Group 3 - The current market environment is supported by policies aimed at stabilizing the market, with sectors like consumption and infrastructure showing relative resilience [12] - The investment difficulties faced by Goldman Sachs in the A-share market reflect the challenges international capital faces in adapting to emerging markets, particularly due to information asymmetry [12] - The collective "water and soil incompatibility" of foreign capital in the A-share market is not limited to Goldman Sachs, as evidenced by other foreign investors experiencing significant losses [14]