Venture(US:VEMLY) Xin Lang Ji Jin·2025-11-23 11:46Market Overview - Global market risk aversion continues to escalate, influenced by significant fluctuations in US stocks, leading to declines in major Asia-Pacific indices [1] - A-shares experienced a substantial adjustment, with over 5,000 stocks in the red, and the Shanghai Composite Index fell 2.45% to 3,834.89 points [1] - The total market turnover reached 1.98 trillion yuan, showing a significant increase compared to the previous period [1] Sector Performance - Technology growth stocks were hit hard, with the hard technology broad-based dual innovation leader ETF (588330) down 4.1% [1] - The entrepreneurial board AI ETF (159363) opened lower and fell 4.83%, breaching all short-term moving averages [1] - Cyclical sectors such as non-ferrous metals and chemicals also faced declines, with both the non-ferrous leader ETF (159876) and chemical ETF (516020) experiencing significant drops [1] Defensive Stocks - Amidst the widespread decline, defensive stocks showed resilience, with China Bank rising 0.8% to set a new historical high [1] - Consumer stocks outperformed the market, with the consumer leader ETF (516130), food ETF (515710), and agriculture, animal husbandry, and fishery ETF (159275) all beating the market [1] - Eastern Securities forecasts that the food and beverage sector may experience "easy rises and difficult falls" by 2026 [1] ETF Insights - The food ETF (515710) showed significant resilience, outperforming the Shanghai Composite Index despite a 1.29% drop [10] - The Hong Kong Internet ETF (513770) saw a net inflow of 54.14 million yuan over the past five days, indicating strong buying interest despite recent declines [4] - The Hong Kong Internet ETF's top holdings include Alibaba, Tencent, and Xiaomi, which collectively account for over 73% of the fund [8] Future Outlook - Analysts suggest that the current market may continue a "weight protection + structural theme" oscillation pattern, with low-valuation financial stocks like banks offering defensive value [3] - The long-term "systematic slow bull" trend remains intact, with focus areas including large consumption, prosperity, traditional industries, and dividends [3] - The food and beverage sector is expected to see a fundamental turning point, with a potential recovery in earnings anticipated by 2026 [13]