首先，美联储降息落地，市场预期转向国内。 上周，美联储宣布降息25个基点，且表态偏鸽派。市场预期似乎比较充分，全球股市波动不大。A股开 始聚焦国内政策预期和明年经济工作的重点方向。临近周末美股科技股波动有所增加，AI泡沫论似有卷土重来之势，预计市场仍将在复杂的环境中反复 震荡，等待方向的明朗。 上周市场震荡分化，量能有所放大。 沪指上周的走势类似前周，两头上涨，中间调整，围绕60 天均线反复争夺，周五收盘在60天均线下方。深圳成 指更为强势，周五收盘于60天均线上方。量能方面，上周两市日均量能约 19337 亿元左右，较前周大幅增长。上周市场热点主要集中在军工和通信行业。 投资风格方面，中小盘和科技风格领涨，大盘蓝筹股略有调整。 从运行节奏看，沪指快速调整后，仍在修复途中 。沪指于11月中旬出现快速调整，随后在10 月上旬的低点上方获得支撑，并逐渐企稳反弹。上周一 沪指回补缺口后，又再次向下调整，60天均线仍在反复争夺。 风险提示 ：国际地缘、贸易冲突超出预期；全球金融市场风险暴露；国内上市公司业绩增速回落超预期；全球经济衰退超预期。 ...

Group 1 - The core viewpoint of the article highlights the positive market response to the recent US-China trade negotiations, which began in the UK following a phone call between the two countries' leaders [1] - The domestic capital market has shown overall stability, with a gradual upward shift in focus, reflecting the pricing of expectations for easing US-China trade tensions [1] - The short-term market sentiment continues to improve, with potential expectations guiding the market upward [1] Group 2 - Both stock exchanges experienced a rebound with increased trading volume, as the Shanghai Composite Index closed near its daily high and the Shenzhen Component Index surpassed the 60-day moving average for the first time since April [1] - The trading volume exceeded 1.2 trillion yuan, showing an increase compared to the previous Friday, with a majority of stocks rising and a significant number of stocks hitting the daily limit [1] - Market hotspots were primarily concentrated in the pharmaceutical industry, with small-cap and technology stocks leading in gains [1] Group 3 - The Shanghai Composite Index is attempting to challenge the mid-May high, having previously undergone a downward adjustment characterized by simultaneous lower highs and lows [1] - The index found support at the 60-day moving average and has since embarked on a rebound, approaching the mid-May high [1] - There remains strong technical resistance near the dense trading area from the fourth quarter of last year and the market high from the first quarter of this year [1]