投资要点：如何看待全球风险偏好的降温？

Group 1 - The report indicates a general market pressure with the A-share market declining by 5.13% during the week of November 17-21, with all 31 Shenwan industries experiencing a drop, particularly in advanced manufacturing and basic chemicals [2][10][12] - The stock-bond yield spread has increased to 0.8%, which is below the +1 standard deviation, indicating a decrease in valuation differentiation [3][22] - Market sentiment has adjusted, with an increase in industry rotation intensity, particularly favoring large-cap stocks over micro-cap stocks [3][23] Group 2 - The report highlights significant industry movements, including the launch of the multimodal AI assistant "Lingguang," which achieved over one million downloads within four days, indicating strong market interest in AI applications [4][49] - The proposed merger of China International Capital Corporation (CICC) with Dongxing Securities and Xinda Securities is expected to reshape the brokerage industry landscape, suggesting potential investment opportunities [4][50] - The 2025 Quantum Technology and Industry Conference showcased major advancements in quantum technology, emphasizing the sector's growth potential and investment opportunities [4][51] Group 3 - The report suggests a phase of rebalancing in market styles, with a focus on sectors that have previously lagged, such as dividends and domestic demand, which may offer better value in the short term [5][53] - Long-term prospects remain positive for technology growth sectors, including TMT, energy storage, satellite connectivity, and innovative pharmaceuticals [5][53]