A股市场运行周报第20期：股指变盘位，守原仓、待时机

Market Overview - The A-share market experienced a rebound this week, with the CSI 1000 index leading the gains, rising by 2.59%[19] - The Shanghai Composite Index directly surpassed 3400 points without adjustment, indicating potential market turning points ahead[5] Market Trends - Two potential paths for the market: a downward adjustment to test previous lows (e.g., 3227 points on November 27) or a continued upward movement facing resistance at 3509 points (November 8) and 3674 points (October 8)[5][76] - All major indices recorded positive returns this week, with the Shanghai Composite Index, CSI 500, and CSI 1000 rising by 2.33%, 2.17%, and 2.59% respectively[19][75] Sector Performance - All sectors showed gains, with media leading at 6.38%, followed by coal at 5.55%, and steel at 5.25%[21][75] - Consumer sectors lagged, with food and beverage rising only 0.18% and agriculture at 0.69%[21] Market Sentiment - The average daily trading volume in the Shanghai and Shenzhen markets increased to 1.69 trillion yuan, indicating improved market sentiment[28] - Margin trading balance rose to 1.86 trillion yuan, with the financing buy-in ratio increasing to 9.35% from 9.04%[39] Economic Indicators - The official manufacturing PMI rose to 50.3 in November, indicating an acceleration in expansion, supported by policies promoting innovation and infrastructure development[4][69] Investment Strategy - Investors are advised to maintain current mid-term positions, with potential to increase allocations if indices test previous lows[5][76] - The recommended focus remains on "large finance + broad technology" sectors, prioritizing underperforming stocks within these categories[5][76] Risks - Economic recovery may fall short of expectations, and global geopolitical uncertainties persist[6][79]