沪指跌破3900点，多券商2026投资策略出炉

Market Performance - The major indices experienced a significant decline, with the Shanghai Composite Index dropping 2.45% to 3834.89 points, the Shenzhen Component falling 3.41% to 12538.07 points, and the ChiNext Index decreasing 4.02% to 2920.08 points [1] - The market turnover increased to 198.36 billion yuan, up 26.1 billion yuan from the previous day, indicating a rush for investors to exit at high levels [2] Sector Performance - The lithium battery sector faced severe losses, with multiple stocks hitting the daily limit down, while the organic silicon concept also plummeted, leading to a complete drop for stocks like Morning Light Materials [3] - The semiconductor sector continued to weaken, with stocks like Demingli and Shikong Technology also hitting the daily limit down, reflecting a strong sell-off in semiconductor-related stocks [3] Financial Sector - The financial sector, including brokers, banks, and insurance companies, showed weakness, with the brokerage sector declining over 3.55%, although China Bank managed a slight increase of 0.8% to 6.29 yuan, reaching a historical high [4] International Market Influence - The international market also contributed to the downturn, with major Asia-Pacific markets, including South Korea, Japan, and Australia, experiencing declines, aligning with the previous night's sell-off in U.S. tech stocks [6] Investor Sentiment - Investor sentiment shifted from caution to panic, with funds moving between events and data, leading to increased volatility and trading volume [12] - The market's decline was characterized by significant selling pressure, with many investors opting to exit positions to protect their investments, resulting in a sea of sell orders [12] Strategic Outlook - Several brokerages released investment strategy reports for A-shares in 2026, suggesting that valuation and capital rotation will continue, and advising against locking into a single style [8] - The market's recent performance is attributed to a combination of factors, including capital flow, valuation, overseas sentiment, and individual stock rotation, indicating a complex interplay of market dynamics [15]