午评：沪指冲高回落跌0.19% 全市场超3900只个股下跌

Market Overview - The market experienced a pullback after an initial rise, with the Shanghai Composite Index closing at 3952.09 points, down 0.19%, and the Shenzhen Component Index at 13554.07 points, up 0.17% [1] - The trading volume was 589.4 billion yuan for the Shanghai market and 861.5 billion yuan for the Shenzhen market [1] Sector Performance - The lithium battery industry chain showed strong performance, with stocks like Tianji Co. gaining significantly [2] - The commercial aerospace sector was active, with stocks such as Shenjian Co. achieving multiple consecutive gains [2] - The photovoltaic sector saw some gains, with companies like GCL-Poly Energy and Yijing Photovoltaic hitting their daily limits [2] - Conversely, the computing hardware sector underperformed, with stocks like Changguang Huaxin dropping over 10% [2] Institutional Insights - Hengsheng Qianhai Fund noted that the recent appreciation of the RMB against the USD enhances the attractiveness of RMB assets, potentially increasing foreign investment in A-shares [4] - China International Capital Corporation (CICC) anticipates a marginal improvement in the photovoltaic supply-demand relationship by 2026, presenting investment opportunities in leading companies [4] - Galaxy Securities highlighted that the ongoing economic rebalancing and mild re-inflation could lead to significant excess returns in the Chinese stock market by 2026 [4] Policy Developments - The National Venture Capital Guidance Fund has officially launched, with regional funds established in key areas such as Beijing-Tianjin-Hebei and the Yangtze River Delta [5] - The National Energy Administration reported that as of November, the total installed power generation capacity reached 3.79 billion kilowatts, a year-on-year increase of 17.1% [6] - The National Development and Reform Commission is encouraging mergers and restructuring among major alumina and copper smelting enterprises to enhance competitiveness and optimize resource management [7][8]