CSI 300 up 1.28%
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In this week, A-shares maintained an upward trend amidst attempts at a rebound, with improved expectations of macro liquidity and warm policy guidance becoming the main support for the market. The SSE Index(000001) rose by 0.37%, still 3.25% away from its one-year high, staying above the 5-day and 10-day moving averages, with trading volume increasing by 3.8% compared to last week. The CSI 300(000300) gained 1.28% for the week, 10.29% away from its 200-day moving average, indicating a recovery in institutional allocation preferences. The Shenzhen Index(399001) and ChiNext(399006) rose by 1.26% and 1.86% respectively, with the latter having rebounded by 77% from its one-year low. In terms of Hong Kong stocks, the Hang Seng Index(HSI) increased by 0.87%, with trading volume being 26.86% below the 50-day average, suggesting that short-term rebound momentum needs further observation. U.S. stocks remain at high levels, with the S & P 500 Index(0S&P5) gaining 0.12% for the week as of Thursday, and the Nasdaq Composite(0NDQC) rising by 0.6%, maintaining strength in the technology sector, about 2.17% higher than the 50-day moving average.
Expectations of a Fed rate cut in December continue to rise, with increased discussions about the path of further easing in 2026. Goldman Sachs believes that the Fed may have limited room for rate cuts in the current cycle, while U.S. economic data shows weak structural performance: November’s ISM Manufacturing PMI stood at 48.2, still in contraction; ADP employment unexpectedly dropped to -32,000, showing signs of cooling in the labor market; initial jobless claims for the latest week fell back to 191,000, remaining at a low level. Meanwhile, U.S. EIA crude oil inventories rose to 574,000 barrels for the week ending November 28th, without any reduction in weakening demand pressure. These factors collectively reinforce the expectation of global liquidity easing, supporting risk asset sentiment.
Domestically, signals for stable growth are intensifying. The central bank conducted a 100 billion yuan reverse repurchase operation this week, further stabilizing the capital market; the State Council’s special meeting emphasized the long-term space for new urbanization, proposing the combination of urban renewal and safety hazard management, and deploying four key tasks to expand domestic demand. Regulatory authorities continue to promote capital market system reforms, with the CSRC emphasizing enhancing the inclusiveness and adaptability of the system to improve market expectations. Huatai Securities believes that pre-Chinese New Year corporate FX settlement demands might accelerate the pace of RMB appreciation, potentially improving cross-border capital flows temporarily. Externally, high-level talks between China and France strengthened nuclear technology cooperation, and regional collaborations such as the “Yangtze River Delta Spatial Development Plan” were further implemented, clarifying industrial policy directions.
Structurally, signs of improvement in manufacturing are beginning to emerge, with the domestic November Manufacturing PMI seen as a signal of gradual repair on both production and demand sides. Coupled with policy-driven initiatives like new urbanization, measures to stabilize the real estate market, and regulatory standards for consumption, all contribute positively to subsequent economic recovery. Moreover, the Ministry of Industry and Information Technology encourages domestic leading enterprises in photovoltaics, wind power, lithium batteries, and new energy vehicles to “go global,” clearly pointing towards globalization of the industry chain.
Sector-wise, the top three sectors in terms of gains this week exhibit characteristics of policy guidance and resource prosperity. Telecom-Cable/Satl Eqp(G4893IG.CN) led the gains, up 10.3% for the week, with a turnover of 23.078 billion yuan, benefiting from accelerated 5G and satellite communication construction, improving visibility of orders among upstream and downstream companies within the sector. Oil&Gas-Machinery/Equip(G3533IG.CN) rose by 7.98%, with a turnover of 4.922 billion yuan, supported by high oil prices and recovering upstream investments. Mining-Gold/Silver/Gems(G1040IG.CN) gained 5.54%, with a turnover of 15.426 billion yuan, performing steadily amid rising precious metal prices and improved resource allocation expectations. Overall, there is a pattern of policy-driven, energy, and resource sector linkage, with market funds shifting from thematic speculation to industrial logic verification.
Within the TOP33 portfolio, the average gain was 0.36% this week, with 17 stocks rising and 16 falling. The best-performing stock was Dajin Heavy Industry ‘A'(002487), which rose by 15.29%. The company belongs to the metal manufacturing & processing industry, specializing in wind power equipment manufacturing, including land-based and offshore wind turbine towers and related components. With years of technical accumulation and high-end manufacturing experience, the company has a leading advantage in the wind power industry. Dajin Heavy Industry has an O’Neil Score of 82, RS Rating of 98, EPS Rating of 94, and an Acc/Dis Rating of 37, ranking 9th in its industry, indicating high growth potential and capital attraction in a strong industry.
Considering the overall index movements and policy combinations, the foundation for an A-share rebound is solidifying, with the market continuing to await volume release and more reversal signal confirmations. Within the context of a globally accommodative monetary policy environment and continuously active domestic policies, short-term indices still possess structural conditions to maintain strength, with growth-oriented and policy-driven themes likely to continue attracting capital attention.
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published on December 5, 2025