超5000只个股下跌！A股总市值一天蒸发逾3万亿元，发生了什么？

Core Viewpoint - The A-share market experienced a significant decline on November 21, 2025, with major indices dropping sharply due to external factors such as the reduced probability of a Federal Reserve rate cut and internal market adjustments following previous gains [2][7]. Market Performance - On November 21, the Shanghai Composite Index fell by 2.45% to 3834.89 points, the Shenzhen Component dropped by 3.41% to 12538.07 points, and the ChiNext Index decreased by 4.02% to 2920.08 points, marking the largest single-day declines since April 8, 2023, for the Shanghai and Shenzhen indices [3][4]. - The total market capitalization of A-shares decreased by approximately 3.04 trillion yuan, bringing the total to around 103 trillion yuan [6]. Sector Performance - Most sectors saw declines, with the advertising, digital media, and fisheries sectors showing gains of 1.82%, 1.65%, and 1.55% respectively, while energy metals, steel raw materials, and coke sectors experienced significant losses of 9.16%, 7.96%, and 6.92% respectively [3][4]. - Only two sectors, cultural media and shipbuilding, saw net inflows of capital, while the semiconductor, electronic components, and communication equipment sectors faced the largest outflows [4]. External Factors - The decline in the A-share market is attributed to external pressures, including the Federal Reserve's cooling rate cut expectations and rising yields in the Japanese bond market, which heightened concerns over global liquidity tightening [7][8]. - Recent U.S. labor data indicated stronger-than-expected job growth but also revealed a rise in unemployment, leading to a decreased likelihood of a December rate cut by the Federal Reserve [7]. Market Outlook - Analysts suggest that the market may continue to experience a "weight protection + structural theme" oscillation pattern, with low-valuation financial stocks like insurance and banks offering defensive value [8]. - The market is expected to remain in a "slow bull" phase, with valuation corrections being a primary reason for the current downturn, while fundamental drivers are anticipated to gain importance as the earnings season approaches [8].