Market Overview - On November 24, A-shares saw all three major indices close higher, with the Shanghai Composite Index up 0.05%, Shenzhen Component Index up 0.37%, and ChiNext Index up 0.31%. The total trading volume in the Shanghai and Shenzhen markets was 1.7403 trillion yuan, a decrease of 243.3 billion yuan from the previous day, with over 4,200 stocks rising across the market [6]. Bond Market - On the same day, government bond futures collectively rose, with the 2-year main contract up 0.01%, 5-year up 0.03%, 10-year up 0.06%, and 30-year up 0.15% [7]. Fund Flow Indicators - Data from Choice shows that on November 24, the stocks with the highest net inflow included BlueFocus, 360, Great Wall Military Industry, Data Port, and China Shipbuilding, with net inflows ranging from 343 million yuan to 1.317 billion yuan. Notably, Great Wall Military Industry, China Shipbuilding, and Aerospace Development belong to the communication equipment sector [9]. Institutional Insights - CITIC Securities reported that the current market is in a "three-phase overlap," characterized by a mid-uptrend consolidation period, a critical phase for verifying economic conditions, and a performance-policy gap period. The report suggests a slow upward trend remains unchanged in the long term, while short-term strategies should focus on selective positioning, paying attention to support levels at the 60-day and 6-month moving averages [10]. - CICC indicated that the equity market is expected to remain active, with bank wealth management likely to further invigorate. The annualized yield on bank wealth management products remains relatively low compared to a year ago, suggesting that continued market activity could support A-shares from a funding perspective [10]. - Huatai Securities noted that recent market volatility has increased, driven by liquidity, sentiment, and risk appetite. The Hong Kong stock market has seen earlier adjustments compared to A-shares, with deeper declines, indicating a potential entry point for value investors [10]. - Dongfang Caifu Securities highlighted that recent market adjustments were triggered by tightening global liquidity and divergences in AI industry narratives. However, as selling pressure eases, the outlook for future market conditions may turn optimistic, viewing the current adjustment as a preparatory phase for a new market cycle [11].

Core Viewpoint - The article discusses the ongoing trend of "deposit migration" among residents, which is contributing to the active market environment and influx of new capital into the A-share market, with data indicators and reasons summarized until July 2025 [3]. Group 1: Deposit Migration Trends - The growth rate of non-bank deposits remains high, with year-on-year increases of 16.7%, 9.7%, and 11.8% for August, September, and October respectively [3]. - The growth rate of household demand deposits has rebounded from nearly 0% at the beginning of 2024 to 7.4% in October 2025, while time deposits have decreased from around 15% to 10.5% [3]. - Non-financial corporate demand deposits have also increased, reaching 10.7% in October, while time deposits have dropped from 7.3% to 1.4% [3]. Group 2: Investor Activity - Investor activity remains relatively high, with over 2.3 million new accounts opened on the Shanghai Stock Exchange from August to October, and margin trading balances rising from 1.8 trillion yuan to 2.5 trillion yuan [3][8]. - The turnover rate, calculated based on free float market capitalization, has decreased to around 4%, still above historical averages [3][10]. Group 3: Bank Wealth Management Products - The structure of bank wealth management products has changed, with a decrease in the proportion of long-term products as the market has warmed, dropping from 16.9% to 15.7% for products with a term of over one year [13]. - The annualized yield of bank wealth management products has declined, with median yields for various terms showing a decrease over the past year [15]. - The high liquidity and low volatility of short-term products continue to attract investors, especially in a recovering equity market [15]. Group 4: Market Outlook - The equity market is expected to remain active, with bank wealth management likely to further invigorate, supported by upcoming expirations of numerous long-term products [17]. - The article anticipates that the A-share market's upward trend since September 24 will continue into 2026, driven by various macroeconomic factors [17]. - The overall valuation of A-shares is considered reasonable, with ongoing support from international order restructuring and domestic innovation trends [21].