Market Overview - On November 24, A-shares saw all three major indices close higher, with the Shanghai Composite Index up 0.05%, Shenzhen Component Index up 0.37%, and ChiNext Index up 0.31%. The total trading volume in the Shanghai and Shenzhen markets was 1.7403 trillion yuan, a decrease of 243.3 billion yuan from the previous day, with over 4,200 stocks rising across the market [6]. Bond Market - On the same day, government bond futures collectively rose, with the 2-year main contract up 0.01%, 5-year up 0.03%, 10-year up 0.06%, and 30-year up 0.15% [7]. Fund Flow Indicators - Data from Choice shows that on November 24, the stocks with the highest net inflow included BlueFocus, 360, Great Wall Military Industry, Data Port, and China Shipbuilding, with net inflows ranging from 343 million yuan to 1.317 billion yuan. Notably, Great Wall Military Industry, China Shipbuilding, and Aerospace Development belong to the communication equipment sector [9]. Institutional Insights - CITIC Securities reported that the current market is in a "three-phase overlap," characterized by a mid-uptrend consolidation period, a critical phase for verifying economic conditions, and a performance-policy gap period. The report suggests a slow upward trend remains unchanged in the long term, while short-term strategies should focus on selective positioning, paying attention to support levels at the 60-day and 6-month moving averages [10]. - CICC indicated that the equity market is expected to remain active, with bank wealth management likely to further invigorate. The annualized yield on bank wealth management products remains relatively low compared to a year ago, suggesting that continued market activity could support A-shares from a funding perspective [10]. - Huatai Securities noted that recent market volatility has increased, driven by liquidity, sentiment, and risk appetite. The Hong Kong stock market has seen earlier adjustments compared to A-shares, with deeper declines, indicating a potential entry point for value investors [10]. - Dongfang Caifu Securities highlighted that recent market adjustments were triggered by tightening global liquidity and divergences in AI industry narratives. However, as selling pressure eases, the outlook for future market conditions may turn optimistic, viewing the current adjustment as a preparatory phase for a new market cycle [11].
四点半观市 | 机构：慢涨格局不变 短期以择机布局为主
Sou Hu Cai Jing·2025-11-24 08:48