A股后市怎么走？券商最新研判来了

Core Viewpoint - The A-share market is experiencing a significant adjustment, influenced by external pressures such as global liquidity tightening and a collective pullback in technology stocks, particularly those related to AI in the US market [1][3][4]. Group 1: Market Performance - On November 21, the A-share market saw a sharp decline, with the Shanghai Composite Index dropping by 2.41%, the Shenzhen Component Index falling by 3.41%, and the ChiNext Index plunging by 4.02%, indicating a clear downtrend in market sentiment [1]. - The total trading volume reached 1.97 trillion yuan, highlighting a pronounced selling pressure across the market [1]. Group 2: Causes of Adjustment - The current market adjustment is attributed to both external factors and internal pressures, including the tightening of global liquidity and concerns over an "AI bubble" affecting technology stocks [3][4]. - The US non-farm payroll data for September showed an increase of 119,000 jobs, exceeding market expectations, which has led to a decrease in the likelihood of a Federal Reserve rate cut, further impacting global market sentiment [4]. - The decline in lithium carbonate futures has also contributed to the significant drop in the new energy sector [4]. Group 3: Divergent Views on Future Market Direction - There is a consensus on the reasons for the market pullback, but opinions diverge on the future direction. Some brokerages express caution, suggesting that the AI sector in the Asia-Pacific region may face further pressure despite short-term rebounds [5]. - Other brokerages, such as Pacific Securities, indicate that the market has broken through a critical support level, suggesting a mid-term adjustment has begun, but they maintain a long-term bullish outlook [6]. - Optimistic views suggest that the current adjustment presents a good opportunity for future investments, particularly in sectors related to AI applications and advanced manufacturing that align with national policy support [6].