Di Yi Cai Jing Zi Xun·2025-11-23 05:47Market Performance - The A-share market experienced a significant downturn, with the ChiNext Index dropping 6.15% last week and falling below the 3000-point mark on November 21, closing at 2920.08 points [1] - The Hang Seng Index also declined over 5% for the week, while the Hang Seng Tech Index fell more than 7% [1] - Major Asian markets, including the Korean Composite Index and Nikkei 225, also saw declines of nearly 4% and over 3.48%, respectively [1] Sector Analysis - The technology and battery sectors, which had previously shown strong performance, underwent substantial corrections, with the electronics sector experiencing a weekly decline of 5.89% [2] - The lithium battery supply chain faced a sharp drop, with the lithium mining index falling by 9.67% on a single day, affecting multiple stocks such as Shengxin Lithium Energy and Ganfeng Lithium, which hit their daily limit down [2] - The computing power industry also saw a collective pullback, with significant declines in stocks like Xin Yi Sheng and Zhong Ji Xu Chuang [2] Long-term Outlook - Despite the short-term pressures, several brokerages indicated that the long-term slow bull trend in the A-share market remains intact [3] - Analysts suggest that the current market adjustment is a normal part of the bull market process, with expectations of a gradual recovery after the current phase of volatility [3][4] - The AI industry chain is expected to continue its long-term growth trend, although there may be short-term fluctuations [3] Valuation and Investor Sentiment - The ChiNext Index's price-to-earnings ratio has decreased to 37.72, indicating a moderate valuation level compared to historical highs, suggesting no significant overvaluation risk [7] - Despite short-term capital outflows, the continued net subscriptions of ChiNext ETFs reflect long-term investor confidence [7] - The current market adjustment is viewed as profit-taking and a reaction to market sentiment, with a focus on quality growth stocks supported by strong earnings [7]