市场分析：煤炭有色行业领涨，A股震荡整固

Market Overview - On December 3, the A-share market experienced slight fluctuations, with the Shanghai Composite Index facing resistance around 3901 points and closing at 3878.00 points, down 0.51%[7] - The Shenzhen Component Index closed at 12,955.25 points, down 0.78%, while the ChiNext Index fell by 1.12%[7] - Total trading volume for both markets reached 16,837 billion yuan, above the median of the past three years[3] Sector Performance - Coal, non-ferrous metals, wind power equipment, and traditional Chinese medicine sectors performed well, while internet services, energy metals, cultural media, and software development sectors lagged[3][7] - Over 70% of stocks in the two markets declined, with significant inflows into small metals, optical electronics, and coal sectors[7] Valuation Metrics - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices are 16.01 times and 48.21 times, respectively, above the median levels of the past three years, indicating a suitable environment for medium to long-term investments[3][16] Economic Outlook - The likelihood of achieving a 5% growth target for the year remains high, with the macroeconomic environment showing signs of moderate recovery[3] - Upcoming important meetings are expected to set the tone for next year's economic policies, potentially catalyzing a new market rally[3] Investment Recommendations - Investors are advised to maintain reasonable positions and closely monitor macroeconomic data, overseas liquidity changes, and policy developments[3] - Short-term investment opportunities are suggested in coal, non-ferrous metals, optical electronics, and wind power equipment sectors[3]