创业板指一周跌没6%！最新研判

Market Overview - The A-share market experienced a significant downturn, with the ChiNext Index dropping 6.15% last week and falling below the 3000-point mark on November 21, closing at 2920.08 points. The Shanghai Composite Index also fell by 3.90%, dropping below 3850 points [3][4]. - The Hong Kong market was similarly affected, with the Hang Seng Index declining over 5% and the Hang Seng Tech Index dropping more than 7% [3][4]. - Major Asian markets also saw declines, with the South Korean Composite Index dropping over 4% and the Nikkei 225 Index falling by more than 3.48% [3][4]. Sector Performance - Popular sectors such as computing power, semiconductors, and batteries faced deep corrections, with the electronic sector experiencing a weekly decline of 5.89%. Concerns over an AI bubble and high institutional holdings contributed to the sell-off in electronic stocks [5][6]. - The lithium battery supply chain saw a significant drop, with the lithium mining index falling by 9.67% on a single day. Stocks like Shengxin Lithium Energy and Ganfeng Lithium hit their daily limit down [6]. - The computing power supply chain also faced a collective downturn, with notable declines in stocks like Xin Yi Sheng and Zhong Ji Xu Chuang [6]. Analyst Insights - Multiple brokerages indicated that the A-share market is in a mid-term adjustment phase, but the long-term bullish trend remains intact. Analysts suggest that the current market fluctuations are a normal pullback within a bull market [7][8]. - Analysts from Pacific Securities and Zheshang Securities noted that the recent declines in global markets, including the U.S. and European stocks, have negatively impacted A-share risk appetite. They recommend patience and suggest that the long-term upward trend is expected to continue [7][8]. - Shenwan Hongyuan's report highlighted that while the AI industry trend remains intact, there may be short-term fluctuations. The typical "two-stage" bull market cycle is expected to continue, with a focus on fundamental improvements post-adjustment [7][8]. Market Dynamics - The ChiNext Index, a key driver of the current bull market, has seen a 12% decline since its peak on October 30. Despite this, the index's performance over the past year has shown strong bull market characteristics [10][11]. - The ChiNext Index's price-to-earnings ratio has decreased to 37.72, indicating a moderate valuation level compared to historical highs, suggesting no significant overvaluation risk [11]. - Despite short-term outflows and a decrease in financing balances, the continued net subscriptions of ChiNext ETFs reflect long-term investor confidence [11]. Conclusion - The current market adjustment is viewed as a normal part of the bull market cycle, with analysts emphasizing the importance of focusing on quality growth stocks and avoiding panic selling during this period of volatility [11].