A股投资策略周报：维持市场健康震荡态势

Market Overview - The A-share index fell by 2.08% during the week of November 18 to November 22, 2024, with a slight decline on Monday, a rise from Tuesday to Thursday, and a significant drop on Friday [11][12] - Among the indices, the CSI 1000 (-1.55%) outperformed the CSI 300 (-2.60%), indicating a relative strength in small-cap stocks [11][12] - The three sectors that saw gains were comprehensive, retail, and textiles, with increases of 5.08%, 2.18%, and 0.06% respectively [11][12] Fund Flow - The average daily trading volume in the A-share market was 17,064.4 billion yuan, a decrease of 4,755.3 billion yuan from the previous week, with a daily turnover rate of 2.1284%, down by 0.32 percentage points [22][24] - Northbound capital's average daily trading volume was 2,147.51 billion yuan, down by 508.97 billion yuan from the previous week [24] - A total of 23 new funds were established this week, with a total issuance of 24.605 billion units, a decrease of 33.987 billion units from the previous week [26] Valuation Changes - As of November 22, the PE (TTM) ratio for the A-share index decreased by 1.93% to 18.13 times, placing it at the 56.1 percentile since 2010, indicating a medium historical level [35][44] - The PB (LF) ratio also fell by 1.93% to 1.54 times, which is at the 11.1 percentile since 2010, suggesting a relatively low historical valuation [35][44] Future Investment Outlook - The outlook for the A-share market is expected to be upwardly volatile, supported by the implementation of existing policies and the introduction of new measures to boost the economy [49] - Key investment areas include technology innovation based on self-sufficiency, sectors benefiting from large-scale equipment upgrades, and high-dividend stocks as a hedge against economic uncertainty [49]