PACIFIC SECURITIES(SH:601099) Tai Ping Yang Zheng Quan·2025-11-12 15:18Group 1: Investment Strategy Overview - The report indicates a growing divergence in the market, with frequent changes in hot sectors and poor sustainability of these trends. Investors are advised to "accumulate grain" and maintain lighter positions, focusing on dividend stocks while waiting for better buying opportunities in technology after sufficient adjustments [4][18]. - The A-share market is experiencing a decline in trading volume, remaining below 2 trillion, and is precariously holding above the 4000-point mark. The report anticipates a continued shift of funds from technology to dividend stocks [4][18]. - The report highlights that the technology sector's absorption rate has fallen below 25%, indicating a release of crowded positions, but the time for recovery remains insufficient. It predicts a divergence in the performance of technology stocks, with those lacking earnings support likely to see significant corrections [4][18]. Group 2: Market Performance and Trends - The report notes that the quality of the rising sectors is poor, with more sectors declining than rising, and the sustainability of hot sectors is weak. The insurance, pharmaceutical, and oil and gas development sectors are leading gains, while wind power, photovoltaics, and new materials are declining [4][18]. - The report provides insights into the performance of various concepts, with cell immunity and combustible ice concepts leading gains, while previously strong concepts like cultivated diamonds are now declining [4][18][21]. Group 3: Bond Market Insights - The bond market is expected to continue its upward momentum in the short term, with a long-term target set at the low point of September 30, 2024. The report maintains that the trend of "strong stocks and weak bonds" is likely to persist [14][17]. Group 4: Foreign Exchange and Commodity Markets - The report states that the onshore RMB against the USD is at 7.1172, showing a slight increase. Despite recent adjustments in the USD index, it is expected to remain strong due to the stable performance of the US economy [27][29]. - The Wenhua Commodity Index has risen by 0.1%, influenced by the reopening of the US government and steady domestic inflation. However, the report suggests that investors should remain cautious and observe the market [31][33].