长期牛市趋势不改，布局中证A500ETF（159338）一键打包行业龙头

Market Overview - The A-share market experienced increased volatility last week, with a strong opening on Monday followed by a decline in trading volume and a correction in the following days. The ChiNext index led the decline but rebounded on Thursday and Friday, with over 4,300 stocks participating in the recovery, helping the Shanghai Composite Index reclaim the 3,900-point mark. Overall, the ChiNext index rose by 1.86% for the week [1] Fund Flow - The market showed signs of recovery last week, with the margin trading balance increasing to an average of 2.48 trillion yuan, indicating a gradual improvement in market sentiment. Additionally, significant capital inflows were observed in the Hong Kong stock market, with a total of 11.349 billion yuan flowing in from the southbound trading, maintaining a scale above 10 billion yuan, reflecting continued support for the Hong Kong market [1] Global Economic Factors - Global liquidity expectations fluctuated last week, with risk assets experiencing increased volatility. The Bank of Japan's hawkish stance raised concerns about tightening global liquidity, leading to adjustments in risk assets. In the U.S., a significant decline in employment data strengthened expectations for a Federal Reserve rate cut in December, boosting market sentiment. The U.S. ADP employment numbers fell by 32,000, marking the largest drop since March 2023, particularly affecting small businesses [2] Inflation and Interest Rate Expectations - U.S. inflation data met market expectations, further reinforcing the anticipation of a Federal Reserve rate cut in December. The PCE price index for September rose by 2.8% year-on-year and 0.3% month-on-month, while the core PCE price index increased by 0.2% month-on-month and 2.8% year-on-year, aligning with market forecasts. Following the data release, U.S. stocks rose, reflecting optimistic market expectations [2] Future Focus - Key upcoming events include China's export data, financial data, and the Federal Reserve's monetary policy meeting. Despite short-term volatility influenced by overseas market risk preferences, the long-term bullish trend remains intact. The fundamentals indicate an improvement in overall A-share earnings by Q3 2025, particularly in the technology sector, suggesting a continuation of industry trends. The current inflow of funds into the A-share market supports valuations, and market sentiment continues to improve [3]