市场上周宽幅震荡，资金面层面，市场量能偏低，多种技术指标偏弱。 周五的市场加速下跌早有端倪，进入11月后市场持续平淡，宏观层面短期利空因素更多，如地缘政治风 险、美国降息预期降低、美国国内对AI巨头盈利能力担忧加剧、国内基本面持续弱势等。资金面层 面，随着市场调整居民端增量资金继续观望，而年底接近和公募基金考核标准的导向变化也使得公募行 为更加保守。在此背景下美股科技股下跌更易带动国内相关标的调整。避险类红利和一些顺周期行业短 期表现较好，短期市场大背景仍将是震荡，应降低一些收益预期，红利避险类短期可能继续占优。中期 市场回顾 上周A股主要指数均下跌，调整中量能降低。 31个申万一级行业中银行、传媒和食品饮料相对表现较好。 A股主要指数周涨跌幅（%） 资料来源：wind；统计区间：2025/11/17-2025/11/21 申万一级行业周涨跌幅（%） 资料来源：wind；统计区间：2025/11/17-2025/11/21 宏观数据分析 美国9月新增非农就业为11.9万人，超预期（预期5.1万），但8月数据从2.2万下修至-0.4万；失业率 4.4%，略高于预期和前值（4.3%）。此为美国政府走出停摆后的第一 ...

Market Overview - The A-share market experienced a decline across major indices last week, with trading volume continuing to decrease amid divergent market performance [1] - Among the 31 Shenwan first-level industries, banking, coal, and food and beverage sectors performed relatively well [1] Macro Data Analysis - In September, the new social financing scale was 35,338 billion yuan, with new RMB loans amounting to 12,900 billion yuan; the year-on-year growth rate of social financing stock was 8.7%, slightly down from 8.8% [5] - M1 new caliber stock year-on-year growth rate was 7.2%, up from 6.0% last month; M2 stock year-on-year growth rate was 8.4%, down from 8.8% [5] - The main contributors to new social financing were short-term loans to enterprises (increased by 0.25 trillion yuan year-on-year), corporate bonds (increased by 0.20 trillion yuan), and off-balance-sheet notes (increased by 0.19 trillion yuan) [5] - The consumer price index (CPI) in September was -0.3%, a slight improvement from -0.4% the previous month; the producer price index (PPI) decreased by 2.3% year-on-year, with a narrowing decline [6] Stock Market Strategy Outlook - The market experienced wide fluctuations last week, with trading volume and margin financing continuing to decline, dropping below 2 trillion yuan [8] - The upcoming period until early November is expected to be filled with macro events, leading to a prevailing cautious sentiment in the market [8] - The technology sector's long-term logic remains intact, and its high valuations have seen some digestion during recent adjustments [8] - Defensive dividend sectors may see an increase in allocation in the short term, while attention should be paid to stocks with catalysts in the dividend sector [8] - The long-term outlook indicates that the ongoing U.S.-China struggle has set a baseline, with international capital markets beginning to question U.S. governance and institutional credibility [8] - The current liquidity environment remains supportive, with a potential influx of funds into the equity market as the wealth effect increases among residents [8]

Core Viewpoint - The article emphasizes the importance of providing professional support to entrepreneurs through the "Jingwei Consultation" initiative, which aims to address specific challenges faced by startups in a more focused and personalized manner [4][5]. Group 1: Event Overview - The "Jingwei Consultation" event is a public service initiative aimed at helping entrepreneurs by providing them with direct access to experienced investors and industry experts [5][7]. - The first session of the "Jingwei Consultation" is scheduled for June 19, 2025, in Beijing, with a focus on face-to-face interactions [5][16]. - Participants will have approximately 20 minutes for one-on-one consultations, with a limit of 2-3 questions to ensure in-depth discussions [15]. Group 2: Participation Criteria - The event is open to all entrepreneurs, regardless of their industry or funding stage, encouraging a diverse range of participants [7][19]. - Entrepreneurs are encouraged to ask specific, high-quality questions related to their business challenges, rather than seeking investment opportunities [10][17]. Group 3: Question Guidelines - The article outlines the types of questions that are encouraged, such as those addressing operational challenges, financial management, and strategic planning [9][11]. - Examples of "good questions" include inquiries about cost management and talent retention, while "bad questions" focus on investment opportunities or vague requests for general advice [10][11]. Group 4: Expert Involvement - The event will feature Jingwei's Zhang Ying and a team of investment professionals who will provide insights based on their extensive experience in the industry [13]. - The support team will include experts from various fields such as legal, finance, and public relations to ensure comprehensive guidance for participants [13].