周度策略：美股迎关键一周，A股续震荡运行-20251117

Group 1 - The report highlights a critical week for the US stock market, focusing on Nvidia's earnings report and non-farm payroll data, with expectations of liquidity improvement and sentiment recovery [3][13][20] - The A-share market is expected to experience fluctuations, with attention on price increases in sectors like new energy, non-ferrous metals, and chemicals, as well as low-level rebounds in dividend-paying sectors such as banking and coal [3][29] Group 2 - The report indicates that the overall A-share index has declined, with small-cap stocks outperforming, while the ChiNext index has shown weakness [4][30] - In terms of sector performance, industries such as consumer goods, retail, and basic chemicals have led gains, while sectors like telecommunications, electronics, and military defense have faced declines [4][31] Group 3 - The report notes a slight recovery in trading activity within the A-share market, with an increase in average daily trading volume and turnover rate [5][39] - The report also mentions a rise in panic sentiment domestically, with the implied volatility of the CSI 300 ETF increasing [5][43] Group 4 - The report discusses the weak performance of social financing and credit in October, with new loans significantly below expectations, indicating a cooling economy [23][26] - It highlights that the economic indicators, including exports and fixed asset investment, have shown a downward trend, with retail sales continuing to decline for five consecutive months [26][27] Group 5 - The report emphasizes the focus on sectors experiencing price increases, low-level rebounds, and technology themes, including military industry, domestic semiconductors, AI applications, and new energy [29][30] - It also points out that the electronic industry is nearing historical high valuation levels in terms of PE and PB ratios [33][35]