A股市场大势研判：沪指失守3900点

Market Overview - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index fell 3.41% to 12538.07, and the ChiNext Index dropped 4.02% to 2920.08, indicating a broad market decline [2][4]. Sector Performance - The top-performing sectors included Media (-0.32%), Household Appliances (-0.40%), and Food & Beverage (-0.88%), while the worst-performing sectors were Non-ferrous Metals (-5.26%), Power Equipment (-5.17%), and Basic Chemicals (-4.70%) [3]. - Concept sectors showed mixed results, with the Shipbuilding sector gaining 3.24% and the Titanium Dioxide concept declining by 7.12% [3]. Future Outlook - The report indicates that the market is experiencing volatility, with the Shanghai Composite Index losing the 3900-point level. Despite this, factors such as improved Sino-US trade relations and supportive capital market policies are expected to have a positive impact on the market [4][5]. - The report suggests that investors should focus on sectors such as banking, non-ferrous metals, public utilities, and non-bank financials to capture structural opportunities [5]. Economic Indicators - In October, China's total electricity consumption reached 857.2 billion kilowatt-hours, reflecting a year-on-year growth of 10.4% [4]. - The total refinancing amount for A-share listed companies exceeded 800 billion yuan in the first three quarters of 2025, marking a 258% increase year-on-year, with targeted placements accounting for 756.4 billion yuan [4].