Nvidia(US:NVDA) Xin Jing Bao·2025-11-25 12:07Market Overview - The stock market has experienced significant volatility, with the Shanghai Composite Index reaching a historical high of 4034.08 points on November 14, followed by a decline of 4.78% by November 24, which is nearly a quarter of its year-to-date gains [1][2] - Other indices, including the ChiNext Index, Hang Seng Index, and S&P 500, also faced varying degrees of decline during this period [2][3] Fund Performance - During the market adjustment from November 14 to 24, the average return of 1054 ordinary stock funds was approximately -5.92%, underperforming the market [3] - Several growth-oriented thematic funds, particularly in sectors like new energy and advanced manufacturing, saw declines exceeding 10% [3] Economic Factors - Global liquidity tightening, influenced by uncertainties surrounding the Federal Reserve's potential interest rate cuts in December, is identified as a key factor behind the market's downturn [3][4] - The probability of a 25 basis point rate cut by the Federal Reserve fluctuated significantly, dropping to 35.4% before rising to about 70% following comments from Fed officials [3] ETF Fund Inflows - Despite the market downturn, there was a notable inflow of over 1272.48 billion yuan into ETF funds from November 14 to 24, indicating a counter-trend investment strategy [5][6] - Major ETFs, such as Huatai-PB CSI 300 ETF and Southern CSI 500 ETF, saw net inflows exceeding 50 billion yuan each during this period [5] Sector Analysis - The inflows were primarily directed towards broad indices like CSI 300 and CSI 500, as well as sectors such as securities, semiconductor technology, and robotics [6][7] - Conversely, sectors like banking, coal, and photovoltaic industries experienced significant outflows [6][7] AI Investment Concerns - The market's adjustment is partly attributed to concerns over potential bubbles in AI investments, which have seen substantial price increases this year [8][9] - Reports indicate that several prominent funds have reduced or liquidated their positions in major AI stocks, raising questions about the sustainability of these valuations [9][10] Investor Sentiment - A recent survey revealed that over half of the fund managers believe that an AI bubble has emerged, with 45% identifying it as a significant tail risk [10]