A股开盘速递 | A股三大股指集体低开 沪指跌0.11% 商业航天板块表现活跃

Core Viewpoint - The A-share market is experiencing a collective decline, with the Shanghai Composite Index down by 0.11% and the ChiNext Index down by 0.04%. However, the commercial aerospace sector is showing active performance, while sectors like cultivated diamonds, storage chips, and lithography machines are facing significant declines [1]. Institutional Outlook - CITIC Securities believes that with an increasing amount of incremental funds primarily being stable left-side funds, the A-share and Hong Kong stock markets may exhibit a pattern similar to the US stock market, characterized by "sharp declines followed by slow recoveries." This presents an opportunity for investors looking to increase their equity allocations ahead of 2026 as current risks have been released in advance [1]. - Dongfang Caifu Securities notes that due to calendar effects and institutional behaviors, recent incremental funds have shifted from a consensus in the third quarter to divergence, leading to a slowdown in net inflows. As December approaches, the inflow effect is expected to strengthen again, potentially allowing for an early spring market rally [1]. - Guotai Junan Securities remains optimistic about the Chinese market's prospects, indicating that the stock index is entering a favorable zone. Opportunities often arise amid panic, and the Chinese stock market is expected to gradually stabilize and launch a year-end offensive, with significant upward potential, making it a good time to increase holdings [1]. - The volatility in the US AI sector and Google's new highs suggest a structural shift in AI rather than a termination of the trend. China is also anticipated to experience a period of policy, liquidity, and fundamental resonance from December to February, leading to a gradual increase in offensive positioning after market adjustments. The focus remains on AI applications, robotics, domestic consumption, and Xinjiang infrastructure themes [1].