不过要说明的是，这并非"完全撤场"，而是托市节奏的优化——央行在12月仍通过6000亿元买断式逆回购等工具保障流动性充裕 ，汇金也未减持核心宽基 品种。但这种"从主动买入到择机调整"的变化，确实让市场少了一层"定心丸"，情绪层面的影响不容忽视。 二、利空一：宏观数据不及预期，经济基本面承压 A股的走势离不开宏观经济的"撑腰"，但2025年10月国家统计局发布的核心数据，确实透露出不小的压力。生产端，规模以上工业增加值同比增长4.9%，不 仅低于5.2%的市场预期，还比9月放缓了1.6个百分点；需求端更不乐观，固定资产投资累计同比下降1.7%，其中房地产投资同比大跌14.7%，"银十"楼市销 售面积和金额降幅双双扩大。 出口方面压力更明显，10月以人民币计价的出口金额同比下降0.8%，是年内首次转负，对欧盟、美国的出口增速均大幅回落。内外需求同时疲软，就像给A 股的"基本面根基"浇了盆冷水，相关上市公司的业绩预期自然会受影响。 国家队操作生变！三大利空齐袭，下周A股要扛住压力？ 小区楼下的炒股大爷最近总盯着手机叹气，菜市场买菜时都能听见阿姨们念叨"指数又不涨了"，2025年的A股市场就像坐过山车，刚有起色又遇新 ...

Group 1 - The national team has paused market support, leading to a significant drop in the Shanghai Composite Index, which fell below 3400 points after only two days above that level [1] - The recent market rebound failed to break the high point from May, indicating that the current upward movement is merely a temporary disruption in a larger downward trend that has persisted since October of last year [1] - The Hong Kong stock market is also experiencing a noticeable pullback, suggesting that the A-share market may face challenges in rising [1] Group 2 - The A-share market opened lower and continued to decline, with the overall index dropping by 1.46%, indicating a critical third day for potential reversal [3] - Over 4400 stocks declined, and trading volume significantly increased, with half-day trading reaching 936.1 billion, suggesting heightened selling pressure [3] - The main funds played a role in driving the market down, with a net sell of 47 billion in just half a day, particularly affecting major stocks like Kweichow Moutai and Wuliangye [5] Group 3 - All three major indices declined, with the Shanghai Composite Index closing down 0.75% and falling below 3400 points, driven by a net sell of 606 billion from main funds [7] - The pattern of selling at the 3400-point mark appears to be systematic, possibly influenced by AI-driven quantitative trading strategies [7] - The increasing dominance of quantitative trading in the market poses challenges for traditional institutional and individual investors [7]