Core Viewpoint - The recent market downturn in A-shares has highlighted underlying concerns, prompting professional investors to reassess their strategies for the end of the year and into 2024, with a consensus that while opportunities exist, achieving returns will be more challenging [1][2]. Market Sentiment and Trends - The A-share market experienced significant volatility on November 21, with declines observed across major Asia-Pacific markets, including Japan, South Korea, and Singapore [1]. - Concerns over the Federal Reserve delaying interest rate cuts and fears of an AI bubble have contributed to a collective market downturn [2]. - Despite short-term declines, there is a continued net inflow of funds into A-shares from various sources, including insurance funds and mutual funds, indicating a preference for "technology + dividends" strategies [1]. Sector Performance - The sectors that faced the most significant declines included non-ferrous metals, electric power equipment, and basic chemicals, each affected by different factors such as weak global commodity sentiment and concerns over industry overcapacity [3]. - The lithium battery sector has seen substantial gains recently, leading to profit-taking among investors, alongside worries about price transmission and demand feedback [2]. Investment Strategies - Some fund managers are taking advantage of the current market volatility to increase their positions in stocks, believing that the long-term investment logic remains intact despite short-term fluctuations [4]. - A fund manager noted a reduction in equity positions by 40% in early November, indicating a cautious approach to the market while still maintaining a significant portion of equity exposure [4]. - There is a general optimism among fund managers regarding future investment opportunities, particularly in sectors like AI and renewable energy, with expectations of a rebound in GDP and corporate earnings in 2024 [5][6]. Future Outlook - The AI sector is expected to remain a focal point for investment in 2024, with a shift towards domestic computing power becoming a key area of interest [6]. - The demand for energy storage solutions, particularly lithium batteries, is projected to remain strong, with many manufacturers already booked through mid-2026 [6]. - Fund managers are optimistic about the overall market outlook, focusing on sectors that may benefit from a rebalancing of market styles, including large financials, new energy, software, and cyclical leaders [6].

银河证券分析认为，中美贸易谈判出现实质性进展将显著提升市场对中国资产的风险偏好，关税的大幅 下调也对中国经济基本面也形成实际利好。整体而言，维持对于中国权益市场抱有乐观态度的观点，前 期受贸易摩擦调整较多的板块会出现一定反弹，年内科技+红利的策略仍是主线。 中国资产持续重估，低费率A500ETF基金（512050）助力投资者一键配置A股核心资产。跟踪中证A500 指数，采取行业均衡配置与龙头优选双策略，紧密跟踪中国经济结构变化，融合价值与成长属性，天然 具备哑铃配置策略，适合长期投资及定投。场外联接（A类：022430；C类：022431） 每日经济新闻 5月13日，A股高开低走，沪指震荡收红，上涨0.17%报3374.87点，深证成指跌0.13%，创业板指跌 0.12%，中证A500涨0.03%，A股成交额1.33万亿元。热门ETF中，A500ETF基金（512050）收涨 0.11%，单日成交额超31.71亿元，换手率达18.69%，双双位居同类标的首位。 消息面上，近期野村证券将中国股票评级从中性上调至战术超配。其发布的一份报告称，在中美关税预 期缓和、国内刺激政策持续发力的背景下，A股市场具备更强的防 ...