EBSCN·2025-11-09 13:14Group 1 - The A-share market experienced a general upward trend this week, with the Shanghai Composite Index showing the best performance at a gain of 1.1%, while the Small and Medium-sized Enterprises Board Index had the worst performance with a decline of 0.6% [1][10][12] - The valuation of the Wind All A Index is currently at the 89.2 percentile since 2010, indicating a relatively high valuation level [1][10][16] - The sectors of power equipment, coal, and oil and petrochemicals performed relatively well, with respective gains of 5.0%, 4.5%, and 4.5% [1][12][54] Group 2 - The market style this week leaned towards value, with large-cap value stocks showing a gain of 2.3%, while large-cap growth stocks only gained 0.3% [12][51] - The market is currently in a bull phase, but short-term fluctuations are expected due to influences from overseas markets, including the volatility of the US stock market [3][23][24] - The overall market valuation is at a relatively high level, with the PE-TTM valuation of the Wind All A Index at 22.2 times, which may lead to increased market divergence [23][24][36] Group 3 - Recent economic data shows that China's goods trade maintained a steady growth trend, with a year-on-year increase of 3.6% in the first ten months of 2025 [2][20] - The import and export values for October were 3.7 trillion yuan, with exports decreasing by 0.8% and imports increasing by 1.4% [2][20] - The three major memory manufacturers have suspended DDR5 pricing, which may impact the supply chain [2][21] Group 4 - The report suggests focusing on defensive and consumer sectors in the short term, while continuing to pay attention to TMT and advanced manufacturing sectors in the medium term [34][36] - The TMT sector is expected to become a main line in the mid-term due to liquidity-driven market conditions, while advanced manufacturing may gain attention if the market shifts to a fundamental-driven phase [36][38]