首席观市系列报告：三大指数小幅回落，社会服务板块走强

Macro Events - On November 25, 2024, the People's Bank of China conducted a 900 billion yuan Medium-term Lending Facility (MLF) operation with a maximum bidding rate of 2.30% and a minimum of 1.90%, resulting in a winning rate of 2.00%[3] - The MLF maturity volume for this month is 1.45 trillion yuan, indicating a short-term reduction in liquidity support, but the central bank is expected to continue supporting market liquidity through reverse repos and reserve requirement ratio cuts[3] Market Performance - Major indices experienced slight declines: Shanghai Composite Index down 0.11%, CSI 300 down 0.46%, Shenzhen Component down 0.17%, ChiNext down 0.02%, and SSE 50 down 0.75%[4] - The social services sector led the market with gains of 2.45%, followed by textiles and apparel at 2.24% and comprehensive sectors at 1.83%; telecommunications, defense, and electronics sectors saw declines of -1.37%, -1.25%, and -0.97% respectively[4] - Total A-share market turnover reached 1.5214 trillion yuan, reflecting active trading despite the index declines[4] Upcoming Events - On November 27, the Federal Reserve will release the minutes from the November monetary policy meeting, which will be closely watched for insights on inflation data, policy stance, and economic outlook[5] - The Fed lowered rates by 25 basis points to a range of 4.50% to 4.75% in November, aligning with market expectations, but the hawkish tone from officials adds uncertainty for the December decision[5] Risk Factors - Potential risks include corporate earnings falling short of expectations, increased volatility in overseas markets, and reduced expectations for Fed rate cuts[5]