🌟【Bosera Market Review Dec 1】A strong start to December, with the ChiNext Index rising over 1%.
📝 Daily Insights Today, the three major A-share indices rose, with the Shenzhen Component Index and ChiNext Index both gaining over 1%. The total market turnover expanded to nearly 1.89 trillion yuan. The November manufacturing PMI stood at 49.2%, slightly higher than the previous reading, while the non-manufacturing PMI dropped to 49.5%.
Structurally, the production and new orders sub-indices showed modest improvements, while the raw material inventory index remained flat. Notably, the new export orders index provided support to demand. Key factors include: 1. The seasonal disruption from the National Day holiday has ended, leading to a rebound in production, though service sectors like consumption and travel weakened. 2. After a temporary easing of Sino-US tariff disputes, manufacturing exports stabilized, with new export orders rebounding significantly.
Overall, the PMI remaining below the 50-point threshold indicates a weak economic recovery. Following a policy and earnings vacuum in November, December’s key meetings may usher in a new wave of policy expectations. However, with full-year economic targets likely achievable, incremental policy support may remain targeted. For domestic equities, short-term volatility may persist, making balanced allocations a prudent choice.
🔥 Market Highlights 🎈 On Nov 30, official data showed China’s November manufacturing PMI at 49.2%, up 0.2 percentage points (pp) month-on-month (MoM), while the non-manufacturing PMI fell 0.6 pp to 49.5%. The composite PMI output index dipped 0.3 pp to 49.7%, reflecting stable economic conditions.
Brief Analysis: The November PMI signals cautious optimism. The slight rebound in manufacturing suggests the lingering effects of pro-growth policies, aiding market confidence. However, sub-50 readings and weaker non-manufacturing activity underscore an uneven recovery, requiring stronger domestic momentum.
🎈 SAFE data revealed China’s forex market turnover hit 21.97 trillion yuan ($3.10 trillion) in October 2025, with spot transactions at 8.26 trillion yuan ($1.16 trillion) and derivatives at 13.71 trillion yuan ($1.93 trillion). January-October cumulative turnover reached 252.07 trillion yuan ($35.21 trillion).
Brief Analysis: Robust forex market activity in 2025 highlights diversified trading structures and effective hedging demand, underscoring market resilience.
👉 Market Recap 🎈 On Dec 1, A-shares rallied. The Shanghai Composite rose 0.65% to 3,914.01, the Shenzhen Component gained 1.25% to 13,146.72, and the ChiNext climbed 1.31% to 3,092.50. The STAR 100 dipped 0.04% to 1,375.32. Sector-wise, non-ferrous metals, communications, and electronics led gains (up 2.85%, 2.81%, and 1.58%), while agriculture, environmental protection, and real estate declined slightly.
💰 Capital Flows 🎈 Turnover surged to 1.89 trillion yuan, with margin trading balance rising to 2.47 trillion yuan.
Data source: Tonghuashun, as of Dec 1, 2025. Fund investments carry risks; past performance does not guarantee future returns.
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