每周视点｜A股震荡反弹能持续吗？（2025.11.24-11.28）

Domestic Focus - President Xi Jinping and President Trump had a phone call on November 24, highlighting the overall stability and improvement of China-U.S. relations since the Busan meeting, emphasizing mutual benefits and shared prosperity [1] - The National Bureau of Statistics reported that from January to October, profits of industrial enterprises above designated size reached 59,502.9 billion yuan, a year-on-year increase of 1.9%, marking three consecutive months of growth since August [1] - On November 26, six departments, including the Ministry of Industry and Information Technology and the National Development and Reform Commission, issued a plan to enhance the adaptability of supply and demand in consumer goods, aiming for industrial upgrades driven by consumption [1] International Focus - The Bank of Korea decided to maintain the benchmark interest rate at 2.5% on November 27, marking the fourth time it has been held at this level since a reduction in May [2] - The U.S. initial jobless claims fell to 216,000, the lowest since April 2025, with previous values revised from 220,000 to 222,000 [2] - On November 24, the White House announced President Trump's signing of an executive order to launch the "Genesis Project," aimed at transforming scientific research through artificial intelligence [2] Market Overview - The A-share market experienced upward fluctuations due to recent domestic consumption policies and rising expectations for a U.S. Federal Reserve rate cut, with technology sectors like AI, communications, and electronics leading the gains [4] - In the bond market, despite a loosening of funds, bond yields rose, indicating a weak performance overall, with market participants adopting a cautious stance ahead of important meetings [5] - Credit bonds showed significant adjustments and weaker performance, with yields and spreads widening, particularly for lower-rated bonds [6] Future Outlook - The upcoming important domestic meetings in December are expected to maintain a positive macro policy tone, potentially boosting A-share performance if the Federal Reserve proceeds with rate cuts [8] - In the bond market, current yield levels are expected to have strong support, with a potential for a rebound, while strategies should focus on high-yield short-duration credit bonds [9] - The real estate market is still in an adjustment phase, but supportive policies are anticipated to gradually stabilize the market [9]