Market Overview - A-shares experienced a decline in the morning session on November 24, with all three major indices turning negative by midday. The Shanghai Composite Index closed at 3821.68 points, down 0.34%, with a trading volume of 424.9 billion yuan. The Shenzhen Component Index fell 0.59% to 12463.79 points, with a turnover of 600 billion yuan. The ChiNext Index dropped 0.77% to 2897.68 points, with a trading volume of 282.1 billion yuan [1]. Sector Performance - The commercial aerospace sector showed resilience, with stocks like Aerospace Hanyu and Zhongtian Rocket hitting the daily limit. AI application stocks were also active, with Shiji Information reaching the daily limit and Guangyun Technology rising over 10%. Conversely, lithium mining stocks continued to adjust, with companies like Shengxin Lithium Energy and Rongjie Co. hitting the daily limit down for two consecutive trading days [1][2]. Institutional Insights - Huatai Securities noted that the current market adjustment has established a preliminary support level, with expectations of improved overseas liquidity and reduced domestic funding pressure. They suggest that the market is nearing a "reasonable" valuation and recommend increasing positions in low-level domestic consumption, domestic computing power, and innovative pharmaceuticals [3]. - Xing Shi Investment observed that the recent market adjustment has released a significant amount of risk, predicting a short-term period of consolidation. They believe that the market is in a "slow bull" phase, with valuation factors gradually giving way to fundamental drivers as the earnings realization period approaches next year [3]. Oil Price Adjustment - A new round of domestic retail price adjustments for refined oil is expected, with a predicted decrease of over 50 yuan per ton. The latest data indicates that the reference crude oil change rate is at -1.50%, leading to anticipated reductions of 70 yuan per ton for gasoline and 65 yuan per ton for diesel, translating to price drops of 0.05 yuan/liter for 92-octane gasoline and 0.06 yuan/liter for 95-octane gasoline and diesel [4]. Financial Market Update - The Ministry of Finance and the People's Bank of China conducted a tender for one-month treasury cash management deposits, with a total amount of 120 billion yuan and a winning interest rate of 1.73% [5]. Scientific Development - China has launched an international scientific program in the field of nuclear fusion, with the BEST experimental device set to conduct plasma experiments by the end of 2027. The goal is to achieve a fusion power output between 20 megawatts and 200 megawatts, demonstrating energy production exceeding consumption [6]. AI Application Growth - Alibaba's AI assistant app, Qianwen, has surpassed 10 million downloads in its first week of public testing, making it the fastest-growing AI application, outpacing competitors like ChatGPT and Sora [7].
午评：三大指数早盘震荡调整 商业航天概念逆势走强
Zhong Guo Jin Rong Xin Xi Wang·2025-11-24 04:09