🔆 Market Performance: On November 26, the markets showed mixed trends, with the ChiNext Index rising over 2%.
👉 Analysis: ‼ The ChiNext Index led the gains today, closing up 2.14%, primarily driven by multiple positive catalysts. A key factor was the easing of geopolitical risks, as recent talks between the Chinese and U.S. leaders signaled improved bilateral relations, boosting market risk appetite. Additionally, the rebound in U.S. tech stocks spilled over to the A-share market, particularly lifting sentiment in the AI sector and strengthening growth-oriented stocks.
With year-end approaching, markets are entering a relatively quiet period for policy and earnings announcements. Capital may shift from short-term speculation to focusing on expectations, with high-visibility sectors like AI emerging as key investment themes. Short-term catalysts, such as new product releases in memory technology and accelerated IPO processes for AI firms, further reinforced the tech sector's momentum.
‼ On the evening of November 24, the Chinese and U.S. leaders held a phone conversation, signaling progress toward normalized communication and delivering three positive messages: 1. The call reinforced the "stable and improving" tone in bilateral relations since the Busan meeting, providing a constructive direction for easing geopolitical risks. 2. Both sides demonstrated a willingness to translate high-level consensus into practical cooperation, potentially reducing friction in critical areas like technology and trade while fostering mutual benefits. 3. Continued high-level exchanges strengthened mechanisms for managing differences, enhancing global supply chain resilience and market confidence.
This development suggests a potential easing of external pressures on China's tech sector, creating more favorable conditions for mid-to-long-term cooperation.
‼ In the near term, post-adjustment indicators suggest market sentiment may already be at relatively low levels, limiting further downside. However, key variables—such as overseas liquidity, rate-cut expectations, and upcoming domestic policy meetings in December—require further clarity. Risk appetite recovery may be gradual, capping the rebound's magnitude.
Structurally, imbalances across market styles are gradually easing. As year-end policy signals become clearer, markets may enter a phase suitable for mid-term positioning. Tech and growth sectors remain resilient, but investors should monitor sustainability in sector performance and capital inflows while staying alert to volatility from uncertainties.
Overall, close tracking of policy and fundamental signals is advised to navigate market fluctuations. Investors may consider optimizing portfolio structures during volatility, focusing on sectors with relatively stronger earnings visibility.
Data Source: Wind, as of November 26, 2025. Funds carry risks; investors should exercise caution. Fund managers commit to managing assets with integrity and diligence but do not guarantee profits or returns. Past performance does not predict future results.
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