创业板指一周跌没6%！券商研判：中期调整已至 长期慢牛未改

Market 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%, 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 9.67% in a single day, affecting multiple stocks such as Shengxin Lithium Energy and Ganfeng Lithium, which hit their daily limit down [2] - The computing power supply chain also saw significant declines, with stocks like Xin Yi Sheng and Zhong Ji Xu Chuang dropping 8.46% and 5.69%, respectively [2] Long-term Outlook - Despite the short-term pressures, several brokerages indicated that the long-term slow bull trend in A-shares 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 [4][5] - The entrepreneurial board, which is a key driver of the current bull market, has shown a year-to-date increase of 90% before experiencing a correction [6] Valuation and Investor Sentiment - The price-to-earnings ratio of the ChiNext Index 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] - Analysts recommend focusing on quality growth stocks that demonstrate strong performance, as the current market adjustment is seen as profit-taking rather than a fundamental shift [7]