【机构策略】A股慢牛行情仍将持续

Group 1 - The A-share market is expected to experience a slow bull trend supported by policy shifts and improved liquidity, despite potential short-term volatility [1] - The market's risk appetite is being positively influenced by factors such as breakthroughs in the technology sector and changes in the US-China geopolitical landscape [1] - The expectation of a Federal Reserve rate cut in December is anticipated to provide external support for the A-share market's slow bull trend [1] Group 2 - The A-share market is showing signs of initial stabilization after adjustments caused by multiple internal and external factors, with a long-term upward trend remaining intact [2] - Improvements in dollar liquidity are expected, particularly with the Federal Reserve's dovish signals and the anticipated pause in quantitative tightening starting December 1, 2025 [2] - Institutional investors are expected to begin repositioning for 2026, with a potential increase in buying activity as market pressures ease [2] Group 3 - The A-share market experienced significant volatility and a slight decline in November, influenced by external risk appetite and sectoral differentiation [3] - The banking sector continues to lead, but there are indications that this trend may be nearing its end, while undervalued consumer sectors are showing stronger performance [3] - The market is likely to remain in a high-level oscillation without significant events to drive risk appetite upward, suggesting a focus on patience and strategic positioning for future opportunities [3]