英大证券：金点策略晨报—每日报告-20241130

Market Overview - The market is experiencing a phase of adjustment and differentiation, with performance driven by earnings becoming a key factor for stock price movements [1][5] - Recent market fluctuations are attributed to profit-taking near previous high points, lack of substantial fiscal stimulus from important meetings, a strong US dollar pressuring the RMB, and a decline in trading volume [1][5] - Trading volume has decreased significantly, dropping below 2 trillion, indicating a potential shift to a consolidation phase in the market [1][5] Sector Performance - The banking sector, along with coal, aviation, steel, electricity, insurance, and real estate, showed strong performance, while sectors like education, software development, gaming, cultural media, computer equipment, and consumer electronics faced declines [1][3] - High dividend stocks, particularly in banking, oil and gas, and infrastructure, are gaining attention as the market weakens, with a focus on state-owned enterprises in essential industries [3][5] - The real estate sector has seen a significant rise due to government policies aimed at stabilizing the market, with recent data indicating a narrowing decline in housing prices across major cities [3][5] Future Market Outlook - The market is expected to continue its downward adjustment, with large-cap stocks providing support, particularly those in banking and infrastructure sectors [5][6] - As policy uncertainties diminish and trading volume declines, market dynamics may shift, with industry conditions and individual company performance becoming crucial for stock price support [5][7]