策略周评：从本轮调整结构看年末策略和行业配置

Market Adjustment Characteristics - A-shares experienced a phase of adjustment from November 13 to November 22, with major indices showing an overall decline, where large-cap indices like the Shanghai Composite Index fell by -4.1% and the CSI 500 dropped by -8.2%[1] - The adjustment highlighted a "barbell" effect, with large-cap and micro-cap stocks outperforming, while mid-cap stocks faced significant pressure[1] - The ChiNext Index and the STAR 50 Index led the decline among growth sectors, with drops of -9.0% and -7.7% respectively, while the CSI Dividend Index only fell by 2% due to its defensive nature[1] Reasons for Market Adjustment - The divergence among various asset classes, including A-shares, exchange rates, and commodities, has been a core reason for the market's weakness since mid-October, reflecting different pricing logics behind these assets[2] - The current policy expectation vacuum, ahead of the Central Economic Work Conference, has led to a decline in market sentiment, with unclear main lines for investment[3] - External disturbances, including cautious foreign investment outlooks and geopolitical tensions, have further dampened market risk appetite[3] Future Outlook - There is an expectation for a phase of allocation opportunities in large-cap cyclical stocks as the market approaches year-end, with potential policy catalysts expected from upcoming meetings[7] - The long-term market focus is anticipated to remain on technology growth sectors, driven by enhanced strategic positioning for technological innovation in national policies[7] - Specific sectors to watch include low PB stocks, debt resolution-related industries, real estate chains, and consumer sectors, with a continued interest in technology growth areas like semiconductors and domestic software[9]