Sou Hu Cai Jing·2025-11-29 06:01Core Viewpoint - The A-share market experienced a "roller coaster" effect on November 27, 2025, with a slight increase in the Shanghai Composite Index but a decline in the Shenzhen Component and ChiNext indices, amidst decreasing trading volume over four consecutive days [1][3]. Market Trends - The market has shown a "shrinking rebound" trend for four days, with trading volume decreasing to 1.71 trillion yuan, raising concerns among investors about potential market stagnation or upcoming volatility [3][5]. - The market sentiment has cooled significantly, with the success rate of consecutive rising stocks dropping below 20%, indicating a cautious approach from active funds [3][5]. Technical Analysis - The shrinking trading volume reflects a decrease in capital participation and a strong sense of caution among investors, with the Shanghai Composite Index facing significant resistance at the 60-day moving average [5][7]. - Historical data suggests that the area above 3400 points on the Shanghai Composite Index has accumulated a considerable number of trapped positions, creating a strong resistance zone that requires substantial volume to break through [5][8]. Sector Performance - There is a noticeable shift in market focus from high-growth sectors to low-value stocks, with defensive sectors like banking, insurance, and liquor gaining traction as investors seek safety [8][10]. - The technology growth sectors, particularly semiconductors and AI, have faced significant pullbacks after substantial gains earlier in the year, leading to profit-taking behavior among investors [8][10]. Policy Impact - Recent government policies have positively influenced the pharmaceutical and medical device sectors, with expectations of continued active rebounds in certain stocks [10]. - Warnings from the Ministry of National Defense regarding Japan's stance on the Taiwan Strait have positively impacted the military industry and local stocks in Fujian [10]. Capital Flow - There is a noticeable slowdown in incremental capital, with northbound capital showing a cautious attitude and trading volumes declining [12]. - The overall market sentiment is cautious due to external uncertainties, with investors advised to maintain a 50% position and consider defensive sectors to hedge against risks [12].