Nvidia(US:NVDA) Hu Xiu·2025-11-23 13:55Core Viewpoint - The recent significant decline in the A-share market is primarily attributed to external factors rather than internal market issues, with a notable impact from U.S. economic data and Federal Reserve interest rate expectations [2][4]. Market Performance - The A-share market experienced a nearly 4% drop in a single week, with the Shanghai Composite Index falling 2.45% on November 21, marking the second-largest single-day decline of the year [4]. - Over six trading days, the Shanghai Composite Index recorded a total decline of 4.83%, indicating heightened market anxiety [4]. Fund Flow Dynamics - Despite the market downturn, there was a significant inflow into ETFs, with a net inflow of 766.16 billion yuan into equity ETFs from November 17 to 21, demonstrating a "buy the dip" mentality among investors [4]. - On November 21 alone, 414 billion yuan flowed into equity ETFs, highlighting strong investor interest in these instruments during market corrections [4]. Sector Performance - The sectors that previously led the market, such as AI and lithium batteries, were among the hardest hit during the recent adjustment, while defensive sectors like banking showed resilience [4]. - The banking sector played a crucial role in stabilizing the market, exhibiting defensive characteristics amid rising risk aversion [4]. Future Outlook - Fund companies express a cautious outlook for the short term, while maintaining a belief in a long-term slow bull market [5].