This week (November 24 to November 28), the A-share market overall showed a warming trend, with the three major stock indices collectively rebounding. Among them, the ChiNext Index performed most notably, accumulating a gain of 4.54%, followed by the Shenzhen Component Index and the STAR 50 Index, which rose by 3.56% and 3.21% respectively, indicating that technology-related sectors were the main drivers behind the market recovery. The Shanghai Composite Index also recorded a 1.4% increase this week. Looking at the yearly performance, the ChiNext Index has accumulated a gain of 42.54%, continuing to lead the major indices, while the STAR 50 Index and the Beijing Stock Exchange 50 Index have also both risen by over 30% year-to-date.
In terms of sectors, technology-related concepts showed strong performance. Terahertz, F5G, CPO (Co-packaged Optics), 6G concept, and copper cable high-speed connection sectors were among the top gainers, all with weekly increases exceeding 8%. In contrast, the shipbuilding sector and chicken farming concept experienced minor adjustments, while most other sectors recorded positive returns. At the individual stock level, a total of 4,537 stocks rose throughout the week, with 861 stocks declining, indicating a relatively clear赚钱效应 (money-making effect) in the market. Among them, Jinfu Technology saw limit-up gains for five consecutive days, and Maoye Commercial also achieved four limit-up days; whereas ST stocks like ST Lifang and *ST Dongyi experienced significant declines, reminding investors to pay attention to related risks.
In terms of trading, the average daily turnover in the A-share market this week was 1,723.8 billion yuan, further shrinking compared to last week. The single-day turnover on Friday dropped to 1,585.8 billion yuan, reflecting continued cautious market sentiment. Although the indices rebounded, trading volume failed to amplify simultaneously, suggesting that subsequent trends may still require trading volume support.
On the news front, data from the National Energy Administration showed that as of the end of October, the national installed power generation capacity increased by 17.3% year-on-year, with solar and wind power installation capacity showing significant growth, indicating the sustained rapid development of clean energy. Additionally, the central bank conducted a 1,000 billion yuan Medium-term Lending Facility (MLF) operation, achieving a net injection of 100 billion yuan, marking the ninth consecutive month of increased rollovers, providing liquidity support to the market. Six government departments jointly issued an implementation plan to promote consumption, proposing the creation of several trillion-yuan consumption sectors by 2027, further boosting domestic demand expectations.
Regarding institutional views, CITIC Securities pointed out that 2025 might become a key node for the commercialization of embodied intelligence, with broad growth space for the sector. Central China Securities believes that the photovoltaic industry will accelerate "anti-involution" in 2026, suggesting attention to segment leaders. Huatai Securities expects necessary consumption to see a moderate recovery in 2026, currently possessing value for left-side layout. TF Securities is optimistic about China's medical aesthetics market, believing that injectables, light and electric-based treatments, fat reduction and body shaping, and medical aesthetic services have significant growth potential.
Overall, the A-share market stabilized and rebounded this week driven by the technology sector, but the contraction in trading volume indicates the market remains in a wait-and-see mode. Against the backdrop of policy support coexisting with structural opportunities, it is recommended that investors focus on quality targets within main themes like technology, consumption, and energy, while remaining vigilant about risks associated with some high-valuation and ST stocks.
