Market Performance - The A-share market has shown poor profitability this week, with only 11% of respondents reporting profits, while 89% reported losses [7] - Major indices such as the Shanghai Composite Index and the Shenzhen Component Index experienced declines, with the Shanghai Composite Index down 3.90% this week [2] - The overall market sentiment indicates a bearish outlook, with 38% of respondents expecting the market to trade sideways and unable to reach 4000 points [8] Sector Performance - All major industry indices saw declines, with the power equipment sector leading the losses at 10.54%, followed by comprehensive and basic chemical sectors [3] - The banking sector experienced the smallest decline at 0.89%, indicating relative stability compared to other sectors [3] Fund Flow - A total of 249.32 billion yuan in net outflow was recorded from A-share main funds this week, with all 31 major industry sectors experiencing net outflows [3] - The power equipment, electronics, and pharmaceutical sectors saw the highest net outflows, amounting to 50.52 billion yuan, 38.39 billion yuan, and 25.76 billion yuan respectively [3] Investor Sentiment - A survey indicated that 26% of investors increased their positions, while 18% reduced their holdings, reflecting a cautious approach to market conditions [4] - The proportion of investors holding less than 50% of their positions increased, indicating a shift towards more conservative investment strategies [4] Future Outlook - Respondents remain optimistic about the long-term trend of the A-share market, with 50% believing the Shanghai Composite Index could reach 4000 points [10] - The military industry sector has seen a significant increase in positive sentiment, rising by 9 percentage points to 12%, indicating growing interest in this area [12] Industry Trends - The military industry is expected to experience significant growth driven by domestic and international demand, with key factors including the "14th Five-Year Plan" and military trade developments [13] - Analysts predict a shift towards high-end demand and improved financial health within the military sector, with a focus on new combat capabilities and military-civilian integration [13]

第二个，我们看一下后续市场，狂沙的时候其实要确认一个底部，那这个底部从今天来看最低点是我们 所看到是3834点，那后续包括下周能不能确认这个底部，现在还不了解，还不知道有反弹空间的话，那 其实认为市场你说吧连续跟大家所谈到的市场在反弹的话，如果说你怀疑牛市没了，熊市走了还是清仓 了？第二个，目前增量是非常可观，短期出现了一个就是我们所看到大概6124吧市场也没有到这么个转 换的一个步伐，就是就是现在两个大的头部区间的时候，那2026年我们依然还是看好中国A股市场整个 的一个波段向上攻击。宏观基本面研判来看，如果说经济平安步入到一个缓解，那么通胀进入到一个拐 点，同时PPI只不过说25年是走了一个修复的那一年，那20年我们更多的是看盈利反击，呢今年的业绩 状态依然是下滑的，那见底回升的话有一个拐点，那这个时候2026年我们基本上在上半年，如果是能看 到盈利拐点，所以说像今天短期杀猛了，但是如果说你前期仓位管理相对比较有力得当的话，那我觉得 在今天反而应该是一个不错的一个良机。再加上宏观这层面的推动的话，在A股市场我们依然相对来说 还是比较的乐观向上的，包括下周一我们也是建议大家密切关注一下呃周末的消息面的发酵， ...

来源：上海证券报·中国证券网 上证报中国证券网讯 11月21日，A股三大股指持续走低，截至10时54分，沪指跌2.16%，深证成指跌 3.02%，创业板指跌3.44%。盘面上看，锂电产业链、算力硬件、光伏、存储芯片等方向跌幅居前。 ...

Group 1 - The A-share market has shown a notable profit effect this year, leading to increased enthusiasm for market entry, with the private equity position index reaching a year-high of 81.13% as of November 14, 2025, up 1.05 percentage points from the previous week [1] - The position index for private equity firms with over 10 billion yuan in assets has significantly increased, with full-position firms accounting for 73.41% of the total, while the proportion of medium-position firms has decreased to 18.47% [2] - The rise in private equity positions is driven by three main factors: the upward trend of the A-share market since August, positive policy signals for the long-term health of the capital market, and the ability of large private equity firms to capture structural opportunities through concentrated investments in sectors like technology and innovative pharmaceuticals [2] Group 2 - There has been a high enthusiasm for new product registrations among private equity institutions, with 10,608 new private equity securities investment funds registered this year, a 100.76% increase compared to 5,284 products in the same period of 2024 [3] - Stock strategy remains the dominant strategy for new registrations, with 6,954 new stock strategy private equity funds accounting for 65.55% of the total, followed by multi-asset strategies at 14.08% [3] - The number of new registrations for futures and derivatives strategy private equity funds is 1,062, making up 10.01% of the total, while bond strategy and combination fund private equity products account for less than 5% each [3]

Group 1: Market Outlook - The A-share market is expected to continue a trend of oscillating upward, with 2024 being a pivotal year for market performance [1] - The long-term growth trajectory of China's economy is a fundamental support for the A-share market [1] - The current low interest rate environment is likely to persist, enhancing the value of equity asset allocation [1] Group 2: Consumption Investment - A favorable configuration opportunity for consumption investment has emerged, with a significant contribution expected from the consumption sector to A-share investments [2] - Traditional consumer stocks with improved competitive landscapes, strong cash flows, and high dividend yields are identified as valuable investment targets [2] - New consumption and service consumption sectors should be explored for growth and innovation potential, with a focus on global market expansion [2] Group 3: Risk Factors - Attention should be paid to the economic recovery process, including factors affecting consumer capacity and willingness, such as prices, employment, and disposable income growth [3] - The effectiveness and timing of consumption-boosting policies need to be monitored, as policy transmission takes time [3] - Industry competition dynamics, particularly in sectors with high brand saturation, should be observed for potential impacts on supply-demand balance and pricing [3]

| 上证指数 | 3885.92 | -45.13 | -1.15% | | --- | --- | --- | --- | | 000001 | | | | | 创业板指 | 2964.39 | -77.95 | -2.56% | | 399006 | | | | | 深证成指 | 12709.78 | -271.04 | -2.09% | | 399001 | | | | | 科创50 | 1298.67 | -29.52 | -2.22% | | 000688 | | | | | 北证50 | 1425.77 | -19.77 | -1.37% | | 899050 | | | | | 沪深300 | 4498.03 | -66.92 | -1.47% | | 000300 | | | | | 上证50 | 2980.14 | -28.15 | -0.94% | | 000016 | | | | 格隆汇11月21日｜上证指数跌1.01%，现报3891.488点；深证成指跌1.72%，现报12757.258点；创业板 指跌1.94%，现报2983.338点。 ...

| 上证指数 | 3885.92 | -45.13 | -1.15% | | --- | --- | --- | --- | | 000001 | | | | | 创业板指 | 2964.39 | -77.95 | -2.56% | | 399006 | | | | | 深证成指 | 12709.78 | -271.04 | -2.09% | | 399001 | | | | | 科创50 | 1298.67 | -29.52 | -2.22% | | 000688 | | | | | 北证50 | 1425.77 | -19.77 | -1.37% | | 899050 | | | | | 沪深300 | 4498.03 | -66.92 | -1.47% | | 000300 | | | | | 上证50 | 2980.14 | -28.15 | -0.94% | | 000016 | | | | 格隆汇11月21日｜A股主要指数走弱，沪指跌1.15%，深成指跌2.09%，创业板指跌2.56%。锂电产业 链、算力硬件、存储芯片等方向跌幅居前，沪深京三市下跌个股近4300只。 ...

东吴证券认为，周四，A股市场高开低走，震荡调整。盘面上，海南、银行等板块涨幅居前，美容护 理、光伏设备、食品加工等板块跌幅居前。走势上看，上证指数虽未跌破周二低点3926点，但收盘也很 接近，且周四阴线反包周三的震荡十字，技术上短期往3900点整数关口下探概率加大。创业板指数亦是 高开低走，收盘跌破60日均线，且近乎最低点收盘，创业板指数技术走势看继续向3000点整数关口甚至 5月线需求支撑的概率加大。 财信证券认为，周四，在隔夜美股以及当天日韩市场转暖的背景下，A股高开低走，成交额小幅缩量， 反映出当前市场情绪仍偏谨慎，需继续等待大盘出现明显的企稳回升信号。短期内，随着大盘近期震荡 消化整理已相对充分，指数层面下探空间或相对有限，但当日大盘高开低走的行情给市场带来了一定不 确定性。中期来看，在全球科技投资热情不减、"反内卷"政策持续推进、居民储蓄入市等因素支撑下， 本轮慢牛行情的根基并未动摇，后续A股指数仍存在继续走强的基础。 东莞证券认为，周四，A股市场高开低走，缩量调整。盘面上，建筑材料、综合、银行、通信和房地产 等板块涨幅靠前；美容护理、煤炭、电力设备、石油石化和商贸零售等板块跌幅靠前。当前市场仍处于 ...

Market Overview - On November 20, the A-share market experienced slight fluctuations, with the Shanghai Composite Index facing resistance around 3967 points[2] - The Shanghai Composite Index closed at 3931.05 points, down 0.40%, while the Shenzhen Component Index fell 0.76% to 12980.82 points[7] - Total trading volume for both markets was 17,228 billion yuan, slightly lower than the previous trading day[3] Sector Performance - Strong performers included banking, real estate, energy metals, and cement materials, while battery, beauty care, photovoltaic equipment, and mining sectors lagged[3] - Over 70% of stocks in the two markets declined, with energy metals and cement materials showing the highest gains[7] Valuation Metrics - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices are 16.19 times and 48.48 times, respectively, above the median levels of the past three years[3] - The current market is in a consolidation phase, with the Shanghai Composite Index likely to stabilize around the 4000-point mark[3] Investment Strategy - Investors are advised to maintain reasonable positions and avoid chasing highs or selling lows, while closely monitoring macroeconomic data and policy changes[3] - Short-term investment opportunities are suggested in sectors such as energy metals, insurance, banking, and cement materials[3] Risk Factors - Potential risks include unexpected overseas economic downturns, domestic policy changes, and macroeconomic disturbances[4]

Group 1 - The core viewpoint indicates that the A-share market is expected to maintain a long-term positive trend despite short-term fluctuations, with institutional allocations becoming more balanced as the year-end approaches [1] - The China Galaxy Securities anticipates that the year-end market will primarily exhibit a volatile structure, preparing for next year's economic direction [1] - The A500 ETF from E Fund saw a net subscription of approximately 80 million units throughout the day, reflecting investor interest [1] Group 2 - The A500 index rose by 0.3%, the A100 index increased by 0.6%, and the A50 index went up by 0.4%, indicating a positive performance across major indices [1] - There is a clear expectation of price recovery, with a focus on sectors that are less competitive internally, as well as a validation phase for technology-driven industries and their performance [1]