11月17日，A股延续震荡回调。除了技术性抛压，外围市场情绪传导、板块快速轮动亦加剧调整。 那么，如何理解近期A股的震荡回调态势？ 李长风认为，投资中国股市的长期逻辑根植于国家经济增长模式的演化，而当下阶段对创新和资本 效率的追求，或将重塑企业的盈利模式和竞争力。同时，对健康通胀环境的培育，也可能为盈利增长提 供更友好的宏观背景，预示着中国股市的长线投资价值正在持续好转。 李长风建议重点关注两大方向：一是兼具红利与价值属性的优质企业；二是具备持续成长性的科技 与新消费题材。这两类资产的杠铃式配置囊括了防御和进攻两个维度，为投资者参与结构性行情提供了 有效途径。 谈及AI（人工智能）"泡沫"疑虑，李长风认为，在当前盈利向好的背景下，全球AI题材可能暂无泡 沫风险。美股三季度财报显示，科技、医疗、消费等成长板块盈利依旧强劲。同时，科技巨头持续展现 了强劲的资本开支意愿，使得市场对AI长期成长潜力保持乐观。 不过，李长风坦言，美股的潜在风险也在积累。NDFI（非存款类金融机构）违约事件，暴露出部 分金融体系可能潜藏风险。同时，美国政府停摆持续时间创纪录，也可能对就业与市场情绪构成短期冲 击。投资者需警惕信用风险与政 ...

Group 1 - Major global institutions, including Merrill Lynch, Goldman Sachs, JPMorgan, and UBS, have increased their holdings or newly invested in multiple A-shares in the third quarter of this year, focusing on sectors such as technology, healthcare, and chemical materials [1][2] - A total of 22 A-share listed companies have seen QFII (Qualified Foreign Institutional Investor) appear in their top ten circulating shareholders as of the end of the third quarter [2] - The investment trend by foreign institutions is interpreted as a positive signal for the market, indicating their long-term confidence in China's economic transformation and industrial upgrading [1][8] Group 2 - For example, Zhongce Rubber has seen four well-known QFII institutions, including Merrill Lynch and Goldman Sachs, enter its top ten circulating shareholders, with Merrill Lynch holding 6.355 million shares [3][5] - XWYD (StarNet) has also attracted multiple QFII interests, with UBS and Barclays becoming new top shareholders [6][7] - The A-share market is currently viewed as having high cost-effectiveness after a phase of adjustment, with structural investment opportunities gradually emerging [8][9] Group 3 - The structural growth trends in sectors such as technology and innovative pharmaceuticals continue, with specific focus areas including computing chips, storage, liquid cooling, cloud services, and AI applications [9] - Investment opportunities are expected to arise in the domestic chip industry and related sectors due to the effects of recent policies aimed at reducing competition [8][9] - The market sentiment fluctuations have created opportunities for reassessment and positioning in these sectors [9]