发布时间：2025-11-17 大盘指数 4000 5000 策略观点 波动仍是市场底色，保持战略定力 ⚫ 投资要点 近期研究报告 《市场波动延续，保持定力对待》 - 2025.11.09 本周 A 股先扬后抑，结构显著分化。本周主要股指表现分化，权 重指数表现较好，中证 A50 上涨 0.26%，上证指数在创下阶段新高后 微跌 0.18%，而创业板指和科创 50 分别下跌 3.01%和 3.85%显著落后。 风格方面，消费风格逆势反弹上涨 2.70%，金融风格表现与上周相近， 上周占优的周期和稳定风格表现衰退，而成长风格大幅下跌 2.38%。 市值风格方面，小盘优于大盘优于中盘，但市值风格之间的差异并不 大。本周代表核心资产和成长龙头的茅指数和宁组合表现分化，宁组 合整周上涨 0.44%，茅指数下跌 0.32%。 行业层面，消费板块领涨市场。本周申万一级行业中综合 （6.99%）、纺织服饰（4.41%）、商贸零售（4.06%）、美容护理（3.75%） 和医药生物（3.29%）领涨，而通信（-4.77%）、电子（-4.77%）、计算 机（-3.03%）、机械设备（-2.22%）和国防军工（-2.15%）表现较 ...

Market Performance Review - The A-share market continues to experience volatility, with large-cap indices leading the gains. The Shanghai 50 index rose by 0.89%, and the CSI 300 index increased by 0.82%, while the STAR 50 index showed a slight increase of 0.01% after significant fluctuations throughout the week [3][12] - In terms of style, cyclical stocks maintained strong performance, while stability and financial styles shifted from decline to growth compared to the previous week. Consumer stocks were the only style index to decline this week [3][12] - Large-cap stocks significantly outperformed small-cap stocks, with the core asset indices, such as the Moutai index and the Ningbo combination, both experiencing declines of 0.98% and 1.27%, respectively [3][12] Industry Insights - The third-quarter reports indicate a reversal in the "anti-involution" theme, with industries such as power equipment (up 4.98%), coal (up 4.52%), oil and petrochemicals (up 4.47%), steel (up 4.39%), and basic chemicals (up 3.54%) leading the gains. Conversely, sectors like beauty care (-3.10%), computers (-2.54%), pharmaceuticals (-2.40%), automobiles (-1.24%), and food and beverages (-0.56%) performed poorly [4][13] - The market has recognized a general profit improvement in industries aligned with the "anti-involution" theme following the third-quarter reports, gaining broader market consensus [4][13] Future Outlook and Investment Strategy - The outlook for the market suggests continued volatility, with a dual vacuum period in policy and performance expected from November to December. The lack of significant movement in household deposits indicates a potential weakness in future capital support, limiting upward space for A-shares [5][30] - The investment strategy emphasizes maintaining a growth style, with a focus on sectors that meet the "dilemma reversal + high growth" composite pricing requirements, particularly in photovoltaic equipment. Additionally, sectors that have lagged since September and are positioned favorably in the "14th Five-Year Plan" are also recommended [5][30]