Report Industry Investment Rating - Not provided in the document Core Viewpoints of the Report - The marginal improvement in prices and the expectation of a loose macro - policy environment may jointly drive the A - share market into a stage of "shock upward, structure - dominated". The moderate rise in CPI and the bottom - rebound of PPI mean that the economic downward pressure has eased, but the demand recovery has not formed a strong trend. In the short term, the market is more likely to present a market feature dominated by liquidity and structured opportunities [9]. - The cyclical sector is expected to remain strong, but its sustainability depends on the resonance of external demand and the real - estate chain. The technology - growth sector will still be the medium - term main line, and the service consumption will remain relatively stable, while the real - estate chain still needs further policy implementation [9]. - The current market does not need to be pessimistic. It is recommended to maintain a relatively positive position structure, but not blindly chase the index. The optimal strategy is to conduct structured allocation around the dual main lines of "anti - involution + AI application" [9]. Summary by Relevant Catalogs Market Review - Most of the major market indices fell last week, while the Shanghai 50 remained stable. Among the major industries, the healthcare and daily - consumption indices performed relatively well, with weekly changes of 3.27% and 2.72% respectively; the information - technology and industrial indices performed weakly, with weekly changes of - 4.27% and - 1.28% respectively [10][11][16]. - Among the 30 Shenwan primary industries, 19 industries rose. The industries with larger increases were textile and apparel, commercial retail, and beauty care, with increases of 4.41%, 4.06%, and 3.75% respectively; the industries with larger declines were communication, electronics, and computer, with declines of 4.77%, 4.77%, and 3.03% respectively [10][19]. - The average daily trading volume of Wind All - A last week was 20438.27 billion yuan (the previous value was 20123.50 billion yuan), at a relatively high historical level (89.50% of the three - year historical quantile) [22]. - As of November 14, 2025, the valuation (PE_TTM) of Wind All - A was 22.20, unchanged from last week, at the 90.70% quantile of the past five - year history. Among the 30 Shenwan primary industries, 19 industries' valuations (PE_TTM) recovered [27]. Market Observation - The inflation data in October showed an overall upward trend, confirming the continuation of the weak inflation pattern macroscopically. The CPI rose moderately, and the PPI bottomed out and rebounded. The improvement in industrial product prices may boost the overall market risk appetite [6]. - After the release of inflation data, most of the A - share consumer and cyclical industries rose last week, while the technology sector corrected significantly. The industry adjustment logic was consistent with the inflation data [6]. Investment Suggestions - The cyclical sector may maintain a certain strength, but its sustainability depends on external demand and the real - estate chain. The technology - growth sector will still be the medium - term main line, and service consumption will remain relatively stable, while the real - estate chain still needs further policy implementation [9]. - The risk preferences of different capital channels and sectors are differentiated, reflecting the increasing market uncertainty. The market may maintain a shrinking and volatile market, with sector rotation [9]. - It is recommended to maintain a relatively positive position structure, but not blindly chase the index. The optimal strategy is to conduct structured allocation around the dual main lines of "anti - involution + AI application" [9]. Economic Calendar - This week, domestic economic data to be concerned about include the October bank settlement and sales of foreign exchange data and the China Loan Prime Rate (LPR) for 1 - year and 5 - year terms. Overseas economic data include the November New York Fed Manufacturing Index, initial and continued jobless claims, GDP, price data, September and October unemployment rates, and the change in non - farm payrolls in October [30].