AH股市场周度观察（11月第1周）-20251108

Group 1: A-Share Market - The A-share market experienced an overall increase this week, with the Shanghai Composite Index rising by 1.08%, while the North China 50 index fell by 3.79%, indicating significant market differentiation [6] - The market style showed a clear shift towards value and cyclical sectors, driven primarily by traditional energy and materials industries, with substantial profit improvements in the steel sector during Q3 providing solid performance support [6][7] - Future expectations for the A-share market suggest a continuation of structural trends supported by policy and liquidity, with a focus on "developing new productive forces" as outlined in the 14th Five-Year Plan, emphasizing anti-involution and technology [7] Group 2: Hong Kong Market - The Hong Kong market also saw an overall increase, with the Hang Seng Index rising by 1.29%, while the Hang Seng Technology Index fell by 1.20%, reflecting significant internal differentiation [8] - The performance of the Hong Kong market was influenced by two main factors: increased correlation with the A-share market and strong earnings in energy and financial sectors benefiting from "dual carbon" policy expectations [8] - Looking ahead, the Hong Kong market is expected to navigate between "Chinese fundamentals" and "overseas liquidity," with energy and financial sectors likely to remain stabilizers, while technology stocks may face pressure from overseas market trends [8]