风险偏好下降，A股短线降仓

Group 1 - The overall market adjustment last week saw the CSI 300 index decline by 1.08%, the Shanghai Composite Index by 0.18%, and the CSI 500 index by 1.26%, indicating a further decrease in risk appetite [3] - Domestic economic data for October continues to point towards weakness, with a comprehensive decline in monetary supply growth, production, consumption, and real estate sales, highlighting the downward trend in overall social demand [3] - The recent rebound in domestic prices is seen as having significant "anti-involution" components, with caution advised regarding the sustainability of this price trend [3] Group 2 - The technology sector's risk appetite has further decreased, with institutional funds showing inflows but unclear direction, while retail investors exhibit a clear outflow from technology stocks [4] - The main board's timing strategy suggests a low position due to negative domestic and overseas fundamentals, contradicting the long-term shift from technology to cyclical consumption in A-shares [4] - The small-cap sector shows a mixed signal with a recent strengthening trend, but the cooling of technology risk appetite suggests maintaining a medium position in small-cap stocks, favoring small-cap styles [4]