Market Performance Review - The A-share market experienced significant declines after reaching a phase high, with major indices like the CSI A50 and CSI 300 showing smaller declines compared to the CSI 500 and CSI 1000, indicating a relative resilience in heavyweight stocks [12] - The media sector stood out with positive returns, while previously strong sectors such as real estate and defense industries faced severe corrections [12][13] Reasons for A-share Volatility - The pricing power in the A-share market shifted from ETFs to margin trading after the National Day holiday, indicating a change in market dynamics [17] - The current margin trading volume accounts for approximately 20% of total A-share trading, the highest level since July 2020, which historically has led to sharp index declines when reaching this threshold [20][23] Outlook and Investment Strategy - The market is expected to seek long-term logic after recent volatility, with a gradual upward trend anticipated as the market digests valuations and re-establishes rational expectations [39] - It is considered a good opportunity to increase positions in cyclical consumer sectors, as these industries are less sensitive to margin trading fluctuations and are expected to benefit from policy support in the coming year [39][40]
策略观点：流动性导致的短期波动和加码顺周期消费的好窗口
China Post Securities·2024-11-18 08:39