A-share market continues to fall below record levels

　　On November 15, the market went down unilaterally in the afternoon, with the ChiNext Index falling by more than 3% for two consecutive days. As of the close, the Shanghai Stock Exchange Index fell 1.45%, the Shenzhen Component Index fell 2.62%, and the ChiNext Index fell 3.91%. Many heavyweight stocks fell sharply, Flush fell nearly 15%, Oriental Fortune fell more than 6%, and more than 4,300 stocks in the market fell. The Shanghai and Shenzhen stock exchanges' trading volume for the whole day was 1.83 trillion, a decrease of 12 billion from the previous trading day.

　　Analysts believe that the current market is slowly transitioning from a liquidity turning point to a fundamental turning point. External factors affect the short-term equity market, but from a medium-term perspective, they are optimistic about the upward trend of the market center.

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There is a repair, the strength is weak, and the number of falling stocks hits a new high

　　As of the close, the total A transaction volume was 1.86 trillion yuan, basically the same as yesterday. The AI application side bucked the trend and led the gains, with Sora Concept, cultural media, games, and other sectors hitting new highs during the session. In the new energy track, the most powerful solid-state battery also gained strength for a time.

　　However, the semiconductor sector and photovoltaic equipment, which had experienced large gains in the early period, still weakened, leading to a decline in the entire market. The A-share market‘s turnover exceeded 2 trillion yuan for seven consecutive trading days from November 5th to November 13th. Since the turnover dropped to 1.87 trillion yuan on the 14th, the A-share market’s turnover has exceeded 2 trillion yuan continuously. The day's record was never broken again.

　　Wind data shows that on the 14th, the net outflow of main funds in the Shanghai and Shenzhen stock markets was 111.654 billion yuan, and the net outflow of main funds in the Shanghai and Shenzhen 300 was 35.379 billion yuan. The number of stocks in the Shanghai and Shenzhen stock markets that experienced net inflows of main funds was 1,372, and the number of stocks that experienced net outflows of main funds was 3,724.

　　The Growth Enterprise Market and the Science and Technology Innovation Board have always fallen sharply. After the plunge in late trading, the major indexes all fell below the 20-day line. Therefore, investors should be cautious in short-term responses and wait for clearer signals from the market to stop falling and stabilize. As for the mid-to-long-term trend, it is not yet enough to conclude that this bull market is over - the worst-case scenario may be that the market “effectively” falls below the 20-day line next week.

A-share mid- to long-term trends are expected to recover.

　　Zhang Xia, chief strategist of China Merchants Securities, said that after the small and medium-sized styles dominated in the early stage, as the small and medium-sized styles made up for the increase, the proportion of transactions appeared to be higher, and the previously expected mergers and acquisitions may gradually resume with the pace of IPOs. Has weakened, and the probability that small and medium-sized styles will continue to dominate is reduced.

　　Subsequently, with the smooth implementation of the debt policy, the fourth quarter has entered the stage of performance revision and year-end valuation switching, and the CSI A500 ETF has entered a period of batch-building positions. The blue-chip style index is expected to receive more positive support.

　　“Several major short-term uncertainties at home and abroad have all come to light, and the market has entered a period of digestion of expected landings.” Wei Wei, chief strategist of Ping An Securities, said that after the release of short-end risks, he is optimistic about the market's mid-term upside.