第一财经·2025-11-21 07:31Core Viewpoint - The A-share market experienced a collective decline, with major indices falling significantly, indicating a bearish sentiment among investors [3][4]. Market Performance - The Shanghai Composite Index fell by 2.45% to 3834.89, the Shenzhen Component Index dropped by 3.41% to 12538.07, and the ChiNext Index decreased by 4.02% to 2920.08 [4]. - The lithium battery industry chain led the decline, with lithium mining stocks experiencing a wave of limit-downs [3][4]. Sector Analysis - The military industry sector showed strong performance, with stocks like Pingao Co., Longxi Co., and Tefa Information hitting the daily limit, while Jiuzhiyang and Jianglong Shipbuilding rose over 10% [3][4]. - Conversely, sectors such as semiconductor, consumer electronics, photovoltaic, and fintech saw significant declines [3]. Trading Volume and Market Breadth - The total trading volume in the Shanghai and Shenzhen markets reached 1.97 trillion, an increase of 257.5 billion compared to the previous trading day, with nearly 5100 stocks declining [6]. Capital Flow - Main capital inflows were observed in sectors like media, agriculture, and shipbuilding, while outflows were noted in non-ferrous metals, power equipment, and electronics [8]. - Specific stocks such as Kaimete Gas, Yidian Tianxia, and Vision China saw net inflows of 767 million, 641 million, and 546 million respectively, while Industrial Fulian, Shenghong Technology, and Xinyi Sheng faced outflows of 2.064 billion, 1.760 billion, and 1.729 billion respectively [8]. Institutional Perspectives - Qianhai Ju Zhen Capital suggests that the market will continue to experience fluctuations but maintains a long-term positive outlook supported by capital, policy, and fundamentals [10]. - Zhongxin Jiantou anticipates a new upward cycle for the securities industry, aligning with the "14th Five-Year Plan" to enhance the inclusivity and adaptability of the capital market [10]. - Zhongyuan Securities expects a steady upward trend in the short term and advises investors to maintain reasonable positions to avoid chasing highs and cutting losses [11].