夜已深，关于12月3日行情，我再强调几句，防止有人没有看到！！

Market Overview - A-shares experienced a volatile adjustment today, with all three major indices showing varying degrees of decline, influenced by global market conditions and local sentiment [1][3] - The market is reacting to fluctuating expectations regarding the Federal Reserve's potential interest rate cuts in December, which has impacted global liquidity expectations [1][3] - A report from Morgan Stanley projected a 6-7% growth in annual earnings for 2026, below the market consensus of 15%, indicating a need to adjust optimistic expectations for earnings recovery, particularly in traditional consumer and real estate sectors [1][3] Sector Performance - Energy metals and lithium battery sectors saw significant declines, with futures prices for lithium carbonate and other raw materials retreating, alongside expectations of rising social inventory, negatively affecting market sentiment [3] - The film and media sector experienced short-term profit-taking, while the precious metals sector's decline was primarily driven by overall commodity market sentiment [3] Technical Analysis - The Shanghai Composite Index is currently in a competitive phase around the 3900-point mark, with short-term support expected near 3850 points, but facing pressure at key psychological levels [3] - The market's ability to break through the 4000-point threshold will depend on further positive stimuli, with current adjustments viewed as a healthy market behavior [3] Global Influences - The release of signals from the Bank of Japan regarding potential interest rate hikes has contributed to a general decline in major global stock markets, further suppressing risk appetite in the A-share market [3]