A股投资策略周报：市场短期健康震荡，但情绪依旧在

Market Overview - The A-share market experienced a downward trend from November 11 to November 15, with the overall A-index declining by 3.94%, and most broad-based indices falling over 3% [4][13]. - The only sector that saw an increase was the media industry, which rose by 1.07%, while the remaining 30 primary industries all faced declines [4][17]. - Investor risk appetite significantly decreased, leading to a broad market downturn, influenced by slightly disappointing policy announcements regarding debt resolution and new real estate tax regulations [4][17]. Fund Flow - The average daily trading volume in the A-share market decreased to 21,819.7 billion yuan, down by 2,167.5 billion yuan from the previous week [4][19]. - Northbound capital's average daily trading volume also fell to 2,656.48 billion yuan, a decrease of 90.84 billion yuan compared to the previous week [4][19]. - A total of 25 new funds were established this week, with a total issuance of 58.592 billion units, marking a week-on-week increase of 14.303 billion units [4][19]. Valuation Changes - As of November 15, the PE (TTM) valuation of the overall A-index dropped by 3.45% to 18.49 times, placing it at the 59th percentile since 2010, indicating a historical average level [4][31]. - The PB (LF) valuation also fell by 3.46% to 1.57 times, which is at the 14.11th percentile since 2010, reflecting a relatively low historical level [4][31]. - The overall A-share debt yield spread was recorded at 3.3137%, exceeding the rolling three-year average of 3.2068%, and positioned at the 77.48th percentile since 2014 [4][31]. Future Investment Outlook - The current A-share market valuation is at a historical average level, with signs of improvement in the economic fundamentals due to the acceleration of existing policies and the introduction of new policies [4][42]. - The election of Trump as U.S. president introduces significant uncertainty regarding U.S.-China relations, which may affect investor risk appetite in the short term [4][43]. - Key investment themes to focus on include: 1. Technology innovation based on self-sufficiency logic and the development of new productive forces [4][43]. 2. The "two new" theme related to large-scale equipment updates and consumer goods replacement, particularly in automotive and home appliance sectors [4][43]. 3. High-dividend stocks in defensive sectors, as investor risk appetite is expected to remain low until macroeconomic data shows improvement [4][43].