A50，突发！三大利好“集结”！这场“闹剧”，影响多大？

Core Viewpoint - A-shares show resilience compared to the global market, supported by three key positive factors despite external market volatility [1][2][4]. Group 1: Positive Factors Supporting A-shares - The China Warehousing Index for October 2025 is reported at 50.6%, an increase of 1 percentage point from the previous month, indicating a steady recovery in economic activity [2][3]. - The People's Bank of China announced a 700 billion yuan reverse repurchase operation on November 5, aimed at maintaining liquidity in the market, alleviating concerns over external liquidity tightening [2][4]. - Active market segments, particularly in Hainan and Fujian, have shown significant gains, with multiple stocks reaching their daily limit up, reflecting strong investor interest [3][4]. Group 2: External Market Concerns - The global market adjustment is primarily attributed to sudden liquidity tightening in the U.S., driven by the ongoing government shutdown, which raises questions about the extent of its impact on A-shares [4][5]. - Analysts suggest that the U.S. liquidity crisis narrative may be overstated, as the current reserve levels are adequate, and the Federal Reserve is not under immediate pressure to expand its balance sheet [5][4]. - Concerns over high stock valuations and uncertainty regarding potential interest rate cuts in December are contributing to volatility in the U.S. market, which may indirectly affect A-shares [5][4].