Core Viewpoint - The A-share market shows a slight increase with a "high and low" trend, driven by small and medium-sized growth stocks and the real estate sector, while large-cap stocks like banks and oil companies face pressure [4][6]. Market Performance - The three major A-share indices experienced a mild increase, with the Shanghai Composite Index slightly retreating due to the drag from heavyweight stocks such as banks and oil [4]. - The Shenzhen Component Index outperformed, supported by active mid and small-cap growth stocks and the real estate sector [4]. Trading Volume and Market Sentiment - The total trading volume in both markets decreased by 11.9%, indicating a significant reduction in market activity and a cautious attitude among investors [7]. - There is a structural adjustment in fund flows, shifting towards undervalued sectors like military and coal, although the overall scale remains limited [7]. Fund Flow Dynamics - Institutional investors are adjusting their portfolios defensively, moving funds into sectors supported by policies and events, such as defense, culture, and computing, while selling off high-valuation growth sectors like electronics and semiconductors [9]. - Retail investors are engaging in short-term speculation, increasing positions in military and media sectors, believing in recovery opportunities due to policy catalysts [9]. Investor Sentiment - The sentiment among retail investors shows a mixed approach, with 21.36% increasing their positions and 22.62% reducing them, while 56.02% remain unchanged [15]. - A majority of retail investors (59.46%) expect the market to rise in the next trading day [18]. Positioning and Profitability - The average position of investors is reported at 71.19%, with 52.80% fully invested [21]. - A significant portion of investors (43.13%) is experiencing losses of less than 20%, while 5.56% have profits exceeding 50% [23].

Core Viewpoint - The energy metals sector experienced a significant decline of 4.72% on November 24, with Shengxin Lithium Energy leading the drop [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] - Key stocks in the energy metals sector showed varied performance, with notable declines in several companies such as Tianqi Lithium, which fell by 8.01% [1][2] Group 2: Trading Volume and Capital Flow - The energy metals sector saw a net outflow of 1.099 billion yuan from major funds, while retail investors contributed a net inflow of 1.106 billion yuan [2][3] - Specific stocks like Rongjie Co. and Shengxin Lithium Energy faced significant capital outflows, with Rongjie Co. seeing a net outflow of 19.37 million yuan from major funds [3] Group 3: Individual Stock Performance - Shengxin Lithium Energy closed at 32.97, down 9.99%, with a trading volume of 122,700 shares and a transaction value of 405 million yuan [2] - Tianqi Lithium closed at 51.59, down 8.01%, with a trading volume of 1,211,400 shares and a transaction value of 6.293 billion yuan [2]

Economic Overview - The A-share market has shown a decline in sectors such as energy metals, power equipment, and electronics, while defensive sectors like agriculture, home appliances, and banking have performed relatively better [1] - Fixed asset investment has decreased by 1.7% year-on-year from January to October, with a notable decline in real estate investment by 14.7% [2] - Industrial production has slowed down, with a year-on-year growth of 6.1% for the first ten months, and a drop to 4.9% in October compared to the previous month [2] Financial Data - In October, new RMB loans amounted to 220 billion, a decrease of 280 billion compared to the same month last year, while the social financing scale increased by 816.1 billion, down by 595.9 billion year-on-year [3] - M2 growth has slowed to 8.2%, down from 8.4%, and M1 growth has decreased to 6.2%, reflecting a cautious approach from enterprises towards investment [3] Market Sentiment - The Federal Reserve's hawkish signals have raised concerns about persistent inflation, leading to a decrease in expectations for interest rate cuts in December [4] - The domestic economic data has shown a downward trend, suggesting that the stock index may enter a phase of adjustment in the short term [4]

Market Overview - The A-share market experienced a reversal in afternoon trading, with all three major indices turning positive by the close. The Shanghai Composite Index closed at 3836.77 points, up 0.05%, with a trading volume of 715.54 billion yuan. The Shenzhen Component Index closed at 12585.08 points, up 0.37%, with a trading volume of 1012.23 billion yuan. The ChiNext Index closed at 2929.04 points, up 0.31%, with a trading volume of 476.22 billion yuan [1]. Sector Performance - The leading sectors in terms of gains included military equipment (up 5.38%), military electronics (up 4.62%), and cultural media (up 3.54%). The total trading volume for military equipment was 288.93 million hands, with a net inflow of 6.71 billion yuan [2]. - Conversely, sectors that saw declines included energy (down 3.39%), insurance (down 1.27%), and airport and shipping (down 1.13%). The energy sector had a trading volume of 58.12 million hands, with a net outflow of 0.20 billion yuan [2].

今日A股市场探底回升，三大指数集体收红。沪深两市成交额1.73万亿，较上一个交易日缩量2379亿。 两市成交额:1.73万亿 较上一日:-2379亿 今日预测量能: 1.73万亿 -2379亿 创业板指 上证指数 深证成指 -3836.76 ▲2929.04 -12585.08 +1.88 +0.05% +47.01 +0.37% +8.96 +0.31% 市场概况 2353 1290 822 350 156 132 120 79 103 57 27 42 34 大于 +8% 小于 涨停 跌停 +8% +6% 0% -2% -4% -6% -8% +4% +2% -8% 上涨 4228家 持平 120家 下跌 1104家 涨停 79家 停牌 12家 跌停 34家 市场热度: 71 0 0 50 100 盘面上，市场热点轮番活跃，全市场超4200只个股上涨。从板块来看， 商业航天概念持续拉升 ，航天发展等10股涨停。 军工板块爆发 ，中船防务4 天2板，江龙船艇6天3板。 AI应用概念股快速走强 ，久其软件、省广集团等多股涨停。下跌方面，锂矿概念股下挫，盛新锂能跌停。算力硬件概念 走弱，权重工业富联触及跌停。 ...

| 序号 | 板块 | 涨跌幅(96)▼ | | 总成交量 (万手) = 总成交额 (亿元) ▼ | 净流入(亿元) ▼ | 上涨家数 | 下跌家数 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 主工凝景 | 3.18 | 1692.44 | 388.03 | 29.92 | 78 | വ | | 2 | 室工电子 | 2.40 | 1106.59 | 166.25 | 6.07 | 54 | ರಿ | | 3 | 金属新材料 | 1.98 | 231.88 | 49.79 | 5.68 | 26 | ഹ | | 4 | 风电设备 | 1.86 | 387.37 | 68.03 | 5.02 | 26 | ব | | 5 | 通信服务 | 1.58 | 734.64 | 115.38 | 2.23 | 38 | / | | 6 | 文化传媒 | 1.40 | 3181.62 | 381.56 | 13.75 | ୧୧ | 15 | | 7 | 教育 | 1.36 | 221.68 | 16.61 | 0.63 | 15 | 1 | | 8 ...

Macro Strategy - The LPR remained unchanged in November, with the 1-year and 5-year rates at 3.00% and 3.50% respectively, indicating stable monetary policy despite weak macro data in October [2][3] - A-share indices experienced significant declines from November 17 to 21, with the Shanghai Composite Index down 3.90% and the ChiNext Index down 6.15%, primarily due to reduced expectations for a December rate cut by the Federal Reserve [3][4] - All primary industries in the A-share market declined, with energy metals and communication equipment showing the highest cumulative gains for 2025 at 83.18% and 78.97% respectively [5][6] Investment Recommendations - For the long term, 2026 is expected to be a year of growth driven by the "14th Five-Year Plan," with a stable A-share market anticipated [7] - Short-term strategies should focus on sectors benefiting from long-term capital inflows, traditional sectors related to "anti-involution," and consumer areas such as motorcycles and medical services [7] North Exchange Overview - As of November 21, 2025, the North Exchange had 284 listed stocks, with an average total market value of 864.16 billion yuan, a decrease of 4.16% from the previous week [10][11] - Notable new listings included Dapeng Industrial, which saw a 1211.11% increase in its stock price during its first week [10][12] Medical Services Industry - The pharmaceutical and biological sector fell by 6.88%, underperforming the Shanghai Composite Index by 3.11 percentage points [16][17] - The medical services sector's PE ratio is currently at 31.22, with a recent decline of 2.25 [18] - High-growth areas such as ADC and TIDES CDMO are recommended for investment, with companies like WuXi AppTec and WuXi Biologics highlighted [19][20][21] Automotive Industry - Yuanrong Qixing showcased 200,000 mass-produced vehicles at the Guangzhou Auto Show, aiming for a cumulative delivery of 1 million vehicles by 2026 [23][24] - The automotive sector is expected to benefit from the acceleration of intelligent technology adoption and supportive policies for vehicle consumption [25][26] - Investment opportunities are significant in the automotive and parts sectors, particularly for companies involved in smart components and electric vehicles [26][27]

Market Overview - On November 21, A-shares experienced a collective adjustment, with the Shanghai Composite Index falling by 1.88%, the Shenzhen Component Index by 2.72%, and the ChiNext Index by 3.18%. The North China 50 Index decreased by 2.78%. The total trading volume in the Shanghai and Shenzhen markets reached 1.3174 trillion yuan, an increase of 200.4 billion yuan compared to the previous day. Over 4,900 stocks in the market declined [1]. Sector Performance - The China Shipbuilding Industry was active, while sectors such as batteries, energy metals, and silicon energy experienced adjustments [3]. Asian Market Trends - The Asia-Pacific markets opened sharply lower, following the overnight decline in U.S. stocks. The South Korean stock market saw significant drops, with the KOSPI index gapping down and breaking below the 4,000 and 3,900 points, with a decline exceeding 4% at one point. The Japanese stock market also faced similar declines, with the Nikkei 225 index dropping over 2% and falling below the 49,000 points mark, with a drop of over 1,000 points during the session [6].

Core Viewpoint - The consensus among brokerage strategy analysts indicates a rebound in the market, as multiple factors that led to last week's stock index adjustments have improved over the weekend [1] Group 1: Market Sentiment and Economic Indicators - The market's perception of the Federal Reserve's potential interest rate cuts has shifted significantly, with the probability of a rate cut in December rising from 30% to 71%, alleviating global risk aversion [1] - The expectation of liquidity improvement and the ongoing iteration of global AI applications are likely to ease concerns regarding an "AI bubble" [2] - The internal logic supporting the rise of Chinese assets remains strong, driven by enhanced national competitiveness, the release of new economic momentum, clear policy transformation, and stable economic fundamentals [2][3] Group 2: Sector Focus and Investment Opportunities - Analysts suggest focusing on sectors that are expected to outperform in the coming year, particularly those benefiting from high growth forecasts, such as AI, advanced manufacturing, and structural recovery in domestic demand [3] - The approval of 16 technology ETFs, including those focused on AI, is expected to guide capital towards high-quality technology companies in the A-share market, providing a positive regulatory signal [2][3] - The technology sector's recent adjustments are attributed to the influence of U.S. AI leaders and year-end institutional fund strategies, but the overall tech market is expected to continue its upward trajectory post-correction [2][4] Group 3: Long-term Market Outlook - The current market adjustments are viewed as short-term disturbances that do not alter the underlying bull market logic, with expectations of continued capital inflow and improved earnings across sectors [3][4] - The potential for a significant reversal in the fundamentals of the AI industry in the U.S. is considered low, which should provide substantial valuation growth opportunities for comparable companies in China [4] - The overall sentiment indicates that the market is not lacking in liquidity, and the concerns regarding long-tail risks in the Chinese economy are gradually easing [3][4]

Core Viewpoints - Current risk release provides an opportunity for reallocating A-shares and Hong Kong stocks by year-end and planning for 2026 [2] - The AI sector is experiencing a "darkest hour," but long-term confidence remains unwavering [4] - The adjustment phase is merely a "doubtful bull market level" [11] Industry Insights - Focus on resource and traditional manufacturing opportunities, particularly in chemicals, non-ferrous metals, and new energy [3] - The AI industry is expected to continue its growth trajectory, with significant valuation growth potential for A-share companies [8] - The market is likely to experience a style switch, with increasing attention on low-valued sectors [6] Investment Recommendations - Emphasize sectors benefiting from physical asset consumption, such as upstream resources (copper, aluminum, lithium, oil, coal) and midstream industries [5] - Maintain a balanced allocation between growth sectors and undervalued value industries, particularly in the consumer sector as year-end approaches [10] - Focus on AI applications and sectors closely related to the "14th Five-Year Plan," such as hydrogen energy, nuclear energy, and quantum technology [14]