Zhong Guo Jin Rong Xin Xi Wang·2025-12-02 02:22Core Viewpoint - The A-share market experienced fluctuations and a decrease in trading activity in November, with a temporary "high to low" style shift and unclear main themes, while dividends showed relative performance [1] Group 1: Market Analysis - Major global stock markets saw declines, influenced by fluctuating expectations regarding the Federal Reserve's interest rate cuts and concerns about potential AI asset bubbles and the sustainability of technology narratives [1] - The current valuation of the A-share market is considered relatively reasonable amidst a synchronized global liquidity easing cycle, with support from the AI technology revolution and energy revolution driving demand from upstream raw materials to midstream manufacturing [1] Group 2: Future Outlook - The trend of gradual upward movement in the market is expected to continue, with a focus on large-cap growth styles until early next year, while a longer-term style shift may occur around the first quarter of next year [1] - Inflation expectations have generally been lowered since the fourth quarter, and policy signals related to real estate and consumer promotion are anticipated to be observed by year-end [1]