市场点评：冷静但不会冷却

Market Commentary - On November 14, the market experienced a significant decline, with the Shanghai Composite Index dropping by 1.73% and the ChiNext Index falling by 3.40%. The total trading volume for the A-shares fell below 2 trillion for the first time recently, reaching 1.87 trillion [1] - The decline in the market was attributed to a cooling of investor sentiment and a delayed reaction to previously overlooked events. The strong performance of the ChiNext and other previously strong sectors reversed, with growth technology sectors leading the declines [1][4] - The market is expected to enter a short period of calm, awaiting a resurgence in macro policy expectations. This follows a week of intense events that had previously driven up investor sentiment and trading activity [1][4] Investment Themes - The first investment theme focuses on consumer goods with potential policy support and recovery logic, including sectors like automotive, home appliances, pharmaceuticals, and agriculture. These sectors have shown significant lag in the current market rally [4] - The second theme revolves around technology sectors that have shown better-than-expected performance in Q3 and have multiple catalysts, including electronics, communications, and military technology. Although these sectors may face short-term adjustment pressure, they remain a primary opportunity in the medium term [4]