Zheng Quan Shi Bao Wang·2025-11-23 09:37Core Viewpoint - The decline in the US stock market on November 20 is primarily driven by macroeconomic factors rather than panic selling due to an AI bubble burst [1] Group 1: Market Analysis - The recent market pullback is attributed to stronger-than-expected September non-farm payroll data combined with hawkish comments from the Federal Reserve, leading to profit-taking [1] - The marginal weakening of the US labor market suggests that the upcoming December Federal Reserve meeting may peak the current "hawkish panic" sentiment [1] - The performance expectations for US stocks, particularly in the tech sector, continue to be revised upward, with recent index declines mainly driven by valuation multiple contraction [1] Group 2: Sector Outlook - The fundamentals of the AI sector remain solid, supported by significant growth in token indices, ongoing supply chain bottlenecks, and strong cash flows and balance sheets from the four major tech giants [1] - Short-term narratives predicting the collapse of the "AI bubble" are expected to be unlikely to materialize [1] - Looking ahead, the market may experience fluctuations until the December Federal Reserve meeting, with a potential shift of funds towards defensive sectors [1] Group 3: Investment Recommendations - Future market rebounds are anticipated following the nomination of a new Federal Reserve chairman and the initiation of tax reduction policies in January 2026 [1] - Recommended sectors for investment include technology, manufacturing, resource products, energy infrastructure (nuclear power), military industry, internet diagnostics, and financial services (banks) [1]