The proportion of bullish investors in the healthcare and consumer sectors has risen sharply, increasing by 6 and 5 percentage points, respectively, compared to the previous period.
During the week of November 10–14, the A-share market experienced volatile adjustments, with daily trading volume remaining above RMB 1.9 trillion. In terms of indices, the Shanghai Composite Index fell 0.18% for the week, closing at 3,990.49 points, while the Shenzhen Component Index dropped 1.40%, and the ChiNext Index declined 3.01%. The STAR 50 Index recorded the largest weekly loss among major indices, falling 3.85%.
Among the Shenwan primary industries, 20 sectors posted gains. The composite sector led with a 6.99% increase, followed by textiles & apparel, retail, beauty & personal care, and healthcare, all rising over 3%. On the downside, communications, electronics, and computers were the worst performers, declining 4.77%, 4.77%, and 3.03%, respectively.
In terms of capital flows, A-shares saw a net outflow of RMB 158.392 billion in main funds this week. The electronics and computer sectors recorded the highest net outflows at RMB 32.112 billion and RMB 20.372 billion, respectively, followed by power equipment, communications, automobiles, and basic chemicals, each with outflows exceeding RMB 10 billion. Only the banking and real estate sectors saw net inflows, totaling RMB 457 million and RMB 1.327 billion, respectively.
**Weak Profitability in A-Shares This Week** A recent survey revealed that only about 30% of respondents reported profits this week, with 24% seeing gains below 10% and 6% achieving returns above 10%. Meanwhile, 70% of respondents reported losses—46% with losses under 10% and 24% with losses exceeding 10%.
**Market Outlook: 57% Expect Continued Volatility Around 4,000 Points** As the Shanghai Composite Index dipped below the 4,000-point mark to close at 3,990.49, 57% of surveyed investors (675 respondents) believe the market will continue fluctuating around this level next week. Another 31% (over 360 respondents) anticipate a slow bull market, while the remaining 12% are pessimistic about a rebound.
When asked about the potential peak of the current bull market, 60% (over 700 respondents) projected the Shanghai Composite could reach 4,500 points, reflecting optimism about long-term trends. Smaller proportions predicted 5,000 points (17%), 5,500 points (4%), or 6,000 points (3%).
Amid recent U.S. stock market corrections, 50% of respondents believe A-shares can decouple and move independently, while 37% expect them to follow global market downturns.
**Healthcare and Consumer Sectors Gain Favor** Sentiment toward healthcare and consumer sectors improved significantly, with bullish views rising by 6 and 5 percentage points to 13% and 10%, respectively. Meanwhile, optimism for the tech sector dropped 7 percentage points to 36%.
Analysts highlight innovation-driven pharmaceuticals and undervalued turnaround opportunities as key themes for 2025. Areas of focus include multi-target antibody drugs, chronic disease treatments, and emerging technologies like ADCs and RNA-based therapies. Despite this week’s tech sector pullback, 63% of respondents view it as temporary, expecting a rebound, while 23% believe the sector’s rally has ended.
Investment risks remain, and market participants are advised to exercise caution.
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