Core Insights - The overall market rebounded this week, with all major indices closing higher, but none managed to recover the 5-week moving average, indicating that the current range-bound oscillation is not yet fully resolved [1][3][50] - The Shanghai Composite Index and the ChiNext Index are in their 3rd and 5th weeks of decline from their yearly highs, suggesting that the recent adjustments may not be sufficient [1][3][53] - The Hang Seng Tech Index and the Sci-Tech 50 Index have been adjusting for 8 weeks, with a clearer downward space visible [1][3][53] Market Overview - Major indices saw an overall rebound, with the Shanghai Composite Index, Shanghai 50, and CSI 300 rising by 1.40%, 0.47%, and 1.64% respectively, while growth indices like CSI 500, CSI 1000, and National CSI 2000 increased by 3.14%, 3.77%, and 4.50% respectively [11][50] - The ChiNext Index and Sci-Tech 50 showed significant activity, rising by 4.54% and 3.21% respectively, while the North Star 50 saw a slight increase of 0.75% [11][50] Sector Analysis - The market exhibited a trend of "technology strength and defensive weakness," with 25 sectors rising and 5 falling. Notably, the "TMT Four Giants" (Telecommunications, Electronics, Media) saw increases of 8.74%, 6.17%, and 4.16% respectively, while the Computer sector rose by 2.97% [14][51] - Defensive sectors such as Oil & Petrochemicals, Coal, Transportation, and Banking experienced declines of 0.62%, 0.54%, 0.53%, and 0.5% respectively [14][51] Market Sentiment - The average daily trading volume in the Shanghai and Shenzhen markets was 1.85 trillion yuan, slightly lower than the previous week's 2.02 trillion yuan [17] - The main futures contracts (IF, IH, IC) were mostly in backwardation, indicating a bearish sentiment in the market [17] Fund Flow - The margin trading balance slightly increased to 2.46 trillion yuan, with a financing buy ratio of 10.4%, up from 9.4% the previous week [26] - The consumer ETF saw a net inflow of 1.7 million yuan, while the electronic ETF experienced a net outflow of 10.3 million yuan [26] Quantitative Analysis - The valuation levels of major market indices are generally in the medium to high range, with the ChiNext Index showing a slightly lower valuation percentile [45] - The current downward energy model indicates that the market's downward energy is at a normal level, without triggering any sell signals [45][48] Future Outlook - Despite the recent rebound, the market remains below the 5-week moving average, and some indices have not yet repaired last week's downward gaps, suggesting that the current range-bound oscillation is not fully resolved [3][53] - The broker index is currently at a critical point, having increased from approximately 70 billion yuan to over 150 billion yuan in the past three months, indicating a potential focus for future directional choices [53][54] Investment Strategy - It is recommended to hold positions during the range-bound oscillation and avoid chasing prices or increasing costs [54] - Specific targets should be set based on the "left foot" of different major indices, with a focus on sectors that are lagging but expanding in market share, such as brokerage firms, pharmaceuticals, consumer goods, and AI applications [54]

Group 1 - The overall direction of the A-share market is still in a bull market, but it may enter a wide fluctuation phase in the short term. Compared to previous bull markets, there is still considerable room for index growth, but the duration of the bull market may be more important than the magnitude of the increase under the government's guidance for a "slow bull" policy [1][3] - In November, major A-share indices generally declined, with the STAR 50 index experiencing the largest drop of 7.1%, while the Shanghai 50 index saw the smallest decline of 1.3%. The performance across industries showed significant differentiation, with sectors like comprehensive, banking, and media leading in gains [2] - The Hong Kong stock market also experienced fluctuations in November, influenced by expectations of U.S. Federal Reserve interest rate cuts and concerns over AI bubbles. The Hang Seng Index and other indices showed mixed performance, with the Hang Seng Technology Index declining by 4.9% [2] Group 2 - In terms of investment strategy, short-term focus should be on defensive and consumer sectors, while mid-term attention should remain on TMT (Technology, Media, Telecommunications) and advanced manufacturing sectors. During the fluctuation phase, previously lagging sectors may perform better, particularly high-dividend and consumer sectors [3] - For the Hong Kong market, a "dumbbell" strategy is recommended, focusing on technology growth and high-dividend stocks. The market's overall profitability remains strong, and despite recent gains, valuations are still relatively low, making long-term investment attractive [4][5] - Specific areas of interest include domestic policies supporting self-sufficiency in technology, chip manufacturing, and high-end manufacturing, as well as independent internet technology companies with their own growth potential [5]

市场周度评论 本周（2025年11月24日至11月28日），全球主要股指普遍上扬，风险偏好持续改善。美股表现强劲，纳 斯达克指数以4.91%的涨幅领跑，标普500与道琼斯工业指数分别上涨3.73%和3.18%，科技板块情绪显 著回暖。亚太市场同步反弹，日经225指数上涨3.35%。 A股市场整体反弹，成长风格占优。创业板指大涨4.54%，深证成指与科创50分别上涨3.56%和3.21%， 上证指数与沪深300涨幅相对温和，分别为1.40%和1.64%。市场呈现普涨格局，超84%个股上涨，但日 均成交额略有萎缩，显示部分资金观望情绪仍存。 行业方面，科技主线突出。通信、电子、传媒板块领涨，涨幅均超4%，而银行、石油石化等传统板块 承压。港股市场同步走强，恒生科技指数上涨3.77%，卖空金额大幅下降，显示空头情绪明显缓解。 然而，分散本身并非目的。若没有谨慎选股作为根基，多元化可能沦为平庸化的分散，甚至因持有质地 不佳的标的而拖累整体收益。真正的风险控制，需要在市场喧嚣中保持冷静，敢于在过热时卖出高估标 的，在低估时买入优质资产。 谨慎选股要求投资者深入理解企业的商业模式、竞争优势与财务状况。它关注的是企业的内在 ...

Market Performance - Global stock markets showed strong performance this week, with major indices rising. The Nasdaq increased by nearly 5%, while the S&P 500 and Dow Jones both rose over 3% [1] - In the Asia-Pacific region, the Nikkei index rose by 3.35%. The A-share market also performed well, with the ChiNext index leading with a 4.54% increase, and the Shenzhen Component and Sci-Tech Innovation Board both rising over 3% [1] - Interestingly, over 80% of stocks were up, but trading volume decreased, indicating that many investors are still in a wait-and-see mode [1] Sector Performance - Technology stocks were the main drivers of the market, with sectors such as telecommunications, electronics, and media all seeing gains exceeding 4%. In contrast, traditional sectors like banking and oil lagged behind [1] - The Hong Kong stock market also participated in the rally, with the technology index rising by 3.77%, and a significant decrease in short-selling data, suggesting fewer bearish sentiments [1] Commodity Market - In the commodities market, both gold and copper showed positive performance, with prices increasing [1] Regulatory Developments - The China Securities Regulatory Commission (CSRC) released a consultation draft for a pilot program on commercial real estate REITs, aiming to stimulate the market further [1]

Group 1 - Airbus A320 aircraft require urgent software replacement due to vulnerability to solar radiation, affecting approximately 6,000 planes, following an incident involving JetBlue Airlines [2] - Changan Automobile's subsidiary, Avita Technology, has applied for a public listing on the Hong Kong Stock Exchange, focusing on high-end smart connected electric vehicles [3] - SolGold Plc has rejected a second acquisition offer from China Molybdenum, with the latest bid at 26 pence per share, leading to a significant increase in SolGold's stock price [4] Group 2 - Sohu Video plans to increase procurement of American TV shows and movies, aiming to provide a better experience for users seeking non-pirated content, despite current profitability challenges [5] - GSMA reports that global mobile operators' cybersecurity spending is projected to double from $15-19 billion annually to $40-42 billion by 2030, highlighting the need for better regulatory collaboration [7] - Samsung has dissolved its HBM development team, integrating it back into the DRAM division, indicating challenges in the high-bandwidth memory market [8] Group 3 - Xiahe Technology has initiated IPO counseling with CITIC Securities, aiming for a public offering [9] - DeepSeek has launched a new mathematical reasoning model, DeepSeekMath-V2, which utilizes a self-verifying training framework and has achieved high scores in competitive evaluations [10] - Xiaomi faced a legal setback in a case regarding unreturned deposits for undelivered cars, with the court ruling against the company's contract terms [11] Group 4 - Citigroup analysts suggest that Li Ning is unlikely to acquire foreign brands in the near term due to its current business strategy, maintaining a "buy" rating on several Chinese sportswear stocks [12] - JD.com announced changes to its JD Bean rules, with a maximum validity of 180 days starting in 2026 [13]

Market Performance - In November, A-shares experienced a general decline, with the ChiNext 50 index dropping the most by 7.1%, while the Shanghai 50 index fell the least by 1.3% [7] - The Hong Kong stock market also showed volatility, with the Hang Seng Index increasing by 0.1% and the Hang Seng Technology Index decreasing by 4.9% as of November 26, 2025 [7] A-share Outlook - The market is believed to still be in a bull phase, but may enter a period of wide fluctuations in the short term. There is significant room for index growth compared to previous bull markets, but the focus may shift to the duration of the bull market rather than the magnitude of gains [8] - Short-term attention should be on defensive and consumer sectors, while TMT (Technology, Media, and Telecommunications) and advanced manufacturing sectors should be monitored in the medium term [8] Hong Kong Stock Outlook - The expectation of a potential interest rate cut by the Federal Reserve in December may lead to continued upward volatility in the Hong Kong stock market. The overall profitability of Hong Kong stocks remains strong, with relatively low valuations despite recent increases [9] - A "barbell" strategy is recommended, focusing on sectors such as autonomous control, chips, and high-end manufacturing, as well as independent internet technology companies and high-dividend, low-volatility stocks in sectors like telecommunications and utilities [9]

Market Overview - A-shares have rebounded this week, with the ChiNext Index surpassing 3000 points and the Sci-Tech 50 Index exceeding 1300 points, while the Shenzhen Component Index frequently approached the 13000-point mark [1] - The total trading volume for the week decreased to 8.68 trillion yuan, marking the lowest level in over four months [1] Capital Flow - Margin traders added over 9.8 billion yuan to A-shares this week, with the electronics sector receiving over 5.6 billion yuan in net purchases and the communications sector over 4.5 billion yuan [1] - Major funds showed significant bottom-fishing behavior, with most Shenwan first-level industries experiencing net inflows, particularly electronics with over 58 billion yuan and communications with over 37 billion yuan [1] Sector Performance - The non-bank financial sector saw a net sell-off of nearly 1.7 billion yuan, while sectors like pharmaceuticals, electric equipment, and home appliances also faced net selling exceeding 100 million yuan [1] - The 6G concept has gained market attention, with the sector index rising 8.44% over five consecutive days, nearing its historical peak [2] Future Outlook - Ping An Securities suggests that the market is currently in a high-level oscillation phase, with improved safety margins after a short-term correction, and emphasizes the importance of policy signals from upcoming domestic meetings [2] - The Ministry of Industry and Information Technology has highlighted the acceleration of 6G technology development, with over 300 key technologies reserved for 6G [3]

11月28日，A股市场整体上涨。 截至收盘，上证指数收报3888.6点，上涨0.34%，深证成指收报12984.08点，上涨0.85%，创业板指收报3052.59点，上涨0.7%，北证50指数上涨0.39%。A 股市场合计成交15978.6亿元，较上一交易日减少1254.57亿元。 1. A股市场全天主力资金净流入68.25亿元 今日A股市场主力资金开盘净流出61.72亿元，尾盘主力资金净流入40.1亿元，A股市场全天主力资金净流入68.25亿元。 | | | 沪深两市近五日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | | 净流入金额 开盘净流入 尾盘净流入 超大单净买入 | | | 2025-11-28 | 68. 25 | -61.72 | 40. 10 | 92. 02 | | 2025-11-27 | -186. 22 | -37.77 | -49.42 | -81. 47 | | 2025-11-26 | -110. 12 | -71. 22 | -15.41 | 20. 13 | | 2025-11-25 | 88. 12 ...

Market Overview - A-shares have rebounded this week, with the ChiNext Index surpassing 3000 points and the Sci-Tech 50 Index rising above 1300 points. The Shenzhen Component Index frequently approached the 13000-point mark, while the Shanghai Composite Index and CSI 300 also saw increases. Overall trading volume decreased to 8.68 trillion yuan, marking the lowest level in over four months [1]. Index Performance - The latest index performances are as follows: - Shenzhen Component Index: 12984.08 (+0.85%) - Shanghai Composite Index: 3888.60 (+0.34%) - ChiNext Index: 3052.59 (+0.70%) - Sci-Tech 50 Index: 1327.15 (+1.26%) - CSI 300: 4526.66 (+0.25%) - North China 50: 1387.70 (+0.39%) - CSI 500: 7031.55 (+1.15%) - FIF 50: 2969.62 (-0.09%) [2]. Capital Inflows - Margin traders added over 9.8 billion yuan to A-shares this week, with the electronics sector receiving over 5.6 billion yuan in net purchases, and the communications sector gaining over 4.5 billion yuan. Other sectors such as defense, media, machinery, transportation, real estate, and computers also saw net inflows exceeding 1 billion yuan. Conversely, non-bank financials experienced a net sell-off of nearly 1.7 billion yuan, with pharmaceuticals, power equipment, and home appliances also facing net sales exceeding 100 million yuan [2]. Institutional Investment Trends - Major funds showed significant bottom-fishing activity, with most industries experiencing net inflows. The electronics sector saw over 58 billion yuan in net inflows, while communications received over 37 billion yuan. Other sectors like computers and machinery also gained over 20 billion yuan. Only banking, transportation, agriculture, and food and beverage sectors experienced slight net outflows [3]. Market Outlook - Looking ahead, Ping An Securities suggests that the market remains in a high-level consolidation phase, with improved safety margins following recent pullbacks. Attention is drawn to important domestic policy signals expected in December. The recommendation is to maintain a balanced allocation, focusing on technology growth sectors, advanced manufacturing benefiting from demand recovery, cyclical sectors poised for price increases, and dividend assets with ongoing value [3]. 6G Technology Focus - The 6G sector has gained significant market attention, with the index rising 8.44% over five consecutive days, nearing historical highs. Companies like TeFa Information and LeiKe Defense have seen multiple trading halts due to price surges [4]. The Ministry of Industry and Information Technology has emphasized accelerating 6G technology development and application ecosystem cultivation, with over 300 key 6G technologies already identified [6]. AI and 6G Integration - Galaxy Securities highlights the potential for artificial intelligence to complement communication technologies, suggesting that advancements in AI could enhance the intelligence of 6G systems. The development of 6G is expected to drive the growth of AGI trends, with significant breakthroughs in frontier technologies anticipated [6].

Market Performance - The ChiNext Index rose by 0.70%, closing at 3052.59 points, with a total trading volume of 460.62 billion yuan, a decrease of 38.49 billion yuan compared to the previous trading day [1] - Among the tradable ChiNext stocks, 1065 stocks closed higher, with 16 stocks rising over 10%, including Qian Zhao Guang Dian and Dong Tian Wei, which hit the daily limit [1] - The average turnover rate for the ChiNext today was 3.61%, with 37 stocks having a turnover rate exceeding 20% [1] High Turnover Stocks - In the high turnover stocks, 28 stocks increased in price, with the largest gains seen in Dong Tian Wei (20.00%), Hai Xia Chuang Xin (16.47%), and Ya Guang Ke Ji (13.48%) [2] - Conversely, Wan Long Guang Dian, Lian Te Ke Ji, and Yi Dian Tian Xia experienced the largest declines, with drops of 6.80%, 6.72%, and 5.59% respectively [2] Industry Analysis - The highest number of stocks with turnover rates exceeding 20% belonged to the media and electronics sectors, each having 6 stocks listed [3] - Among the high turnover stocks, 7 were listed on the Dragon and Tiger List, with institutional investors appearing in 6 of these stocks [3] Fund Flow - In terms of fund flow, 19 high turnover stocks saw net inflows from major funds, with Dong Tian Wei, Ya Guang Ke Ji, and Du Ke Wen Hua receiving the most significant inflows of 353 million yuan, 237 million yuan, and 138 million yuan respectively [4] - Conversely, Yi Dian Tian Xia, Sai Wei Dian Zi, and Nan Wang Shu Ju experienced the largest net outflows, totaling 529 million yuan, 509 million yuan, and 149 million yuan respectively [4] Performance of Specific Stocks - Hai Ke Xin Yuan had a closing price of 80.62 yuan with a daily increase of 7.31% and a turnover rate of 39.34%, but saw a net outflow of 66.74 million yuan [4] - Nan Wang Shu Ju closed at 24.72 yuan, down 4.00%, with a turnover rate of 38.74% and a net outflow of 148.75 million yuan [4] - Dong Tian Wei closed at 122.22 yuan, up 20.00%, with a turnover rate of 29.00% and a net inflow of 352.70 million yuan [5]