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Core Viewpoint - The recent market correction in A-shares is attributed to external factors, including declining expectations for a Federal Reserve rate cut and rising concerns over an AI bubble, which have transmitted pessimistic sentiment from overseas markets to China [3][8][9]. Market Performance - On November 21, A-shares experienced a significant decline, with the Shanghai Composite Index dropping 2.45% to close at 3834.89 points, while the Shenzhen Component and ChiNext Index fell 3.41% and 4.02%, respectively. Nearly 5100 stocks in the market declined, particularly in high-performing sectors like AI, chips, and lithium batteries [3][4]. - Over the week from November 17 to November 21, the Shanghai Composite Index fell 3.9%, and the Shenzhen Component dropped 5.03%. High-growth sectors such as coke, photovoltaic equipment, electronics, batteries, and chemicals saw declines exceeding 10% [4]. Fund Flows - Despite the market downturn, over 700 billion yuan flowed into stock ETFs, indicating a trend of buying on dips. Notable ETFs like the Southern CSI 500 ETF and E Fund ChiNext ETF saw net inflows exceeding 30 billion yuan each during the week [5][6]. - On the day of the market drop (November 21), over 400 billion yuan was invested in ETFs, with the Huatai-PB CSI 300 ETF alone receiving about 40 billion yuan in net inflow [5]. External Factors - Multiple fund companies attribute the market correction primarily to external disturbances, particularly the unclear direction of the Federal Reserve's monetary policy and heightened concerns over an AI bubble. The U.S. job market data showed strong job growth but an unexpected rise in unemployment, complicating the Fed's decision-making [8][9]. - The sentiment from U.S. markets, particularly regarding tech stocks, has amplified the pressure on A-shares, with concerns about liquidity tightening affecting growth stock valuations [10]. Future Outlook - Several fund companies maintain a positive long-term outlook for Chinese assets, suggesting a "slow bull" market trend. They believe that while short-term volatility may occur, the underlying fundamentals remain strong [11]. - The market is expected to benefit from supportive policies in the tech sector and a potential stabilization in the real estate market, which could lead to a gradual recovery in stock valuations [12].