中泰证券表示，展望后市，春节前行情整体仍具备上行空间，短期仍有逢低布局机会。当前阶段，制约 市场的主要风险因素已较前期明显弱化，风险偏好有望维持较高水平。从外部环境看，前期市场对全球 流动性预期收紧以及美股高估值AI板块回调的担忧有所缓解。需要强调的是，当前市场更符合"底部夯 实后、为春节前行情做准备"的阶段特征，而非主升浪已正式开启。当前市场资金更多采取"逢低布局、 结构切换"的参与方式，而非在高位进行趋势性加仓。这决定了短期行情更可能以"震荡中逐步抬高重 心、内部结构持续调整"的方式演绎，而非快速拉升并形成单边、持续的赚钱效应。 ...

Market Performance - The A-share market experienced a significant decline, with the Shanghai Composite Index dropping by 2.45%, the Shenzhen Component Index falling by 3.41%, and the ChiNext Index decreasing by 4.02% as of the close on November 21 [1] - The total market turnover reached 1.98 trillion yuan, an increase of 260.96 billion yuan compared to the previous trading day [1] Market Influences - The market adjustment was influenced by several factors, including the Federal Reserve's hawkish signals, which reinforced expectations for prolonged high interest rates, leading to increased uncertainty in the global liquidity environment [3] - The lack of clear incremental funding sources as the year-end approaches has resulted in a defensive stance among institutional investors, with limited willingness for new capital to enter the market [5] - A significant change in the exchange rate environment, with a strengthening dollar, has weakened the external conditions that previously supported the A-share market [5] Market Structure - The recent market pullback reflects a consolidation phase following substantial gains in certain sectors, with high-weight sectors entering a correction phase [7] - The overall A-share index only retreated by 1.87%, supported by the performance of smaller weight sectors, which have low volatility and value-oriented characteristics [7] Volatility and Sentiment - The VIX index, an important indicator of market sentiment, has risen significantly due to the stock market decline, indicating a shift towards risk aversion among investors [8] - The market is expected to remain in a phase of emotional repair and volatility digestion, with potential opportunities arising as fear subsides and volatility decreases [10] Future Outlook - If the Federal Reserve's stance becomes more dovish and the liquidity situation improves, market sentiment may gradually recover, providing a more favorable entry point for mid-term investments [11] - The current market pullback is viewed as a rebalancing of structural contradictions rather than a fundamental trend reversal, suggesting that investors should focus on balanced large-cap indices and defensive dividend products for mid-term opportunities [13]