基金经理：震荡或藏机会 赛道选择有术

Core Viewpoint - The recent market downturn in A-shares has highlighted underlying concerns, prompting professional investors to reassess their strategies for the end of the year and into 2024, with a consensus that while opportunities exist, achieving returns will be more challenging [1][2]. Market Sentiment and Trends - The A-share market experienced significant volatility on November 21, with declines observed across major Asia-Pacific markets, including Japan, South Korea, and Singapore [1]. - Concerns over the Federal Reserve delaying interest rate cuts and fears of an AI bubble have contributed to a collective market downturn [2]. - Despite short-term declines, there is a continued net inflow of funds into A-shares from various sources, including insurance funds and mutual funds, indicating a preference for "technology + dividends" strategies [1]. Sector Performance - The sectors that faced the most significant declines included non-ferrous metals, electric power equipment, and basic chemicals, each affected by different factors such as weak global commodity sentiment and concerns over industry overcapacity [3]. - The lithium battery sector has seen substantial gains recently, leading to profit-taking among investors, alongside worries about price transmission and demand feedback [2]. Investment Strategies - Some fund managers are taking advantage of the current market volatility to increase their positions in stocks, believing that the long-term investment logic remains intact despite short-term fluctuations [4]. - A fund manager noted a reduction in equity positions by 40% in early November, indicating a cautious approach to the market while still maintaining a significant portion of equity exposure [4]. - There is a general optimism among fund managers regarding future investment opportunities, particularly in sectors like AI and renewable energy, with expectations of a rebound in GDP and corporate earnings in 2024 [5][6]. Future Outlook - The AI sector is expected to remain a focal point for investment in 2024, with a shift towards domestic computing power becoming a key area of interest [6]. - The demand for energy storage solutions, particularly lithium batteries, is projected to remain strong, with many manufacturers already booked through mid-2026 [6]. - Fund managers are optimistic about the overall market outlook, focusing on sectors that may benefit from a rebalancing of market styles, including large financials, new energy, software, and cyclical leaders [6].