Today, the A-share market experienced minor fluctuations, with the Shanghai Composite Index narrowly holding above the 4,000-point mark. The ChiNext Index found support at 3,100 points, while the Shenzhen Component Index, Beijing Stock Exchange 50, and STAR 50 edged slightly lower. Large-cap blue chips remained favored, with the SSE 50 Index marginally higher. Declining stocks significantly outnumbered gainers, and trading volume dipped below 2 trillion yuan.
Sector-wise, banking, oilfield services, insurance, and immunotherapy led gains, whereas photovoltaic equipment, lab-grown diamonds, ground military equipment, and superconductivity concepts lagged.
Wind real-time data showed pharmaceuticals and biotech attracted over 5.1 billion yuan in net institutional inflows, followed by electronics (3.8 billion yuan), non-ferrous metals, and communications (each exceeding 2 billion yuan). Media, textiles, petrochemicals, home appliances, and real estate also saw inflows surpassing 1 billion yuan. Conversely, power equipment faced net outflows of 9.6 billion yuan, defense-related sectors lost 2.1 billion yuan, and chemicals, machinery, and computers each shed over 1 billion yuan.
Looking ahead, Debon Securities noted the Shanghai Index’s relative resilience amid broader market weakness, attributing the ChiNext’s underperformance to tech stock drag. They highlighted a preference for "policy certainty" over "growth volatility," projecting continued structural opportunities in "new energy + policy themes." Photovoltaic equipment may sustain momentum due to supportive policies and technological breakthroughs, while oversold tech growth sectors could rebound—though high valuations warrant caution.
Western Securities observed a rotation into defensive sectors like consumer and cyclical stocks, pressuring growth themes. Key watchpoints include: (1) policy implementation, especially in humanoid robots, nuclear fusion, low-altitude economy, and commercial aerospace; and (2) macro sentiment shifts, with potential Fed rate cuts in December and domestic PPI recovery possibly boosting risk appetite.
Banking stocks dominated today, with the sector index hitting record highs. Agricultural Bank of China surged 3.45% to a fresh peak, followed by Industrial and Commercial Bank of China, while Bank of China and China Construction Bank neared all-time highs. Hong Kong-listed banks like BOC Hong Kong and HSBC also scaled new heights.
Q3 reports revealed insurers increased holdings in 732 listed firms by 12 billion shares, with banks like Agricultural Bank, Postal Savings Bank, and Industrial and Commercial Bank seeing over 100 million share additions. Since November, multiple banks announced buybacks or insider purchases. For instance, Qingdao Bank’s major shareholder raised its H-stake to 15.42%, becoming the top holder. Qilu Bank executives also bought shares worth 3.15 million yuan, completing 90% of their planned purchases. Over 10 listed banks have reported similar support this month.
Near the close, aerospace equipment stocks staged a dramatic rally. The sector index reversed from a 3% drop to a 2% gain in just 15 minutes. China Spacesat Co.,Ltd. (600118) soared from -3% to +5%, with China Satellite Communications, Zhongtian Rocket, and Aerospace Electronics also surging late.
Oriental Securities noted private rocket firms could diversify China’s launch vehicle portfolio, and reusable rocket technology may drastically cut costs, accelerating low-orbit satellite network deployment.
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