今天市场出乎意料的差，但是似乎却没有非常实质的原因可以“指控”；
翻了几家的评论，挑了高盛的 China market wrap出来；不多废话，直接进入正题。
180K
高盛 - 11月22日 Market Wrap；
关于市场疲软的原因有许多猜测，但都没有太多实质依据。
There were many speculations regarding the factors driving the recent market weakness, but none were particularly solid.
我的看法是，这次抛售主要源于脆弱的市场情绪基础，投资者对国内zc和地缘关系紧张局势感到不确定，因此情绪容易转向负面。
In my view, the sell-off stems from a fragile sentiment base that quickly shifted to the negative side as investors expressed uncertainty about domestic policies and geopolitical tensions.
目前大部分人猜测的原因是，华尔街日报的一篇文章提到特朗普考虑选择金融家凯文·沃什担任财政部长。
One initial speculation is related to a Wall Street Journal article stating that Donald Trump has floated the idea of selecting financier Kevin Warsh as his Treasury Secretary.
虽然这似乎与股票表现不佳没有直接关系，因为沃什曾支持自由贸易，并且可能在特朗普的关税政策中起到稳定作用。但需要注意的是，表现不佳并不仅限于美国出口导向的股票，而是普遍的疲软。
While this seems irrelevant to the massive equity underperformance — given that Warsh was once supportive of free trade and could act as a stabilizer for Trump's tariff policy—the underperformance is not limited to US-export-heavy names but reflects a broader weakness.
另一个人们讨论的焦点是彭博社的头条新闻，称TW正在制定访美的计划，我认为这与市场表现的相关性更低。
Another topic of discussion is a Bloomberg headline indicating that Taiwan is working on plans for Lai to stop in the US, which I believe is even less relevant.
公平地说，市场的疲软可以归因于：
Key Factors for Weakness:
1）脆弱的本地情绪，这种情绪建立在对国内zc的混合预期（mixed view)）和逐渐增加的地缘不确定性之上；（180K：下午还有一些关于禁止CN投资的报道在传阅）
1. The market weakness can be explained by two main factors: A fragile local sentiment built on mixed domestic policy expectations and increasing geopolitical uncertainties.
2）潜在缺乏的支持流动性。
2. The potential absence of NT support.
从资金流动性来看，
早盘我们作为表现为1.3倍的趋向卖出，但到今天一天结束时仅为1.1倍的卖出趋向（180K：卖出并没有加速）。
Flow wise...we started as 1.3x better seller in morning session, but ended as only 1.1x betterseller by the end of the day. Notional is 65% lower vs. previous average.
名义上相比之前的平均水平下降了65%。在我的交易台上并没有出现恐慌性抛售，无论是在中午急剧下跌期间，还是在下午的交易时段，桌面上没有看到来自本地机构或对冲基金的大规模抛售。相反，有一些小额买单针对半导体行业的自给自足主题。
There is no panic sellingon my pad, neither during the sharp decline around noon close nor in the PM session, desk didn'tsee major selling from LOs or HFs on China A. Instead, a few bids on Semi to buy dip the self-reliant theme, though all small tickets.
从行业来看，我们看到在电信、半导体和白酒方面趋向买入；而在电池、家电和医疗健康领域则趋向卖出。
Sector wise, we are better buyer on Teleco, Semi and Baijiu; We are seller on Battery, Home Appliance and Healthcare.
更多反馈意见包括：
1）本地和外国投资者一致认为需要深入研究潜在的关税影响，并在不同情境下找到最佳交易，许多人预计关税会高于基线预期；
More feedback...
1) It's a consensus for both local and foreign investors to dig deeper into thepotential tariff impact and find out the best trade in different scenarios - and many expecthigher tariff imposed than baseline expectation;
2）虽然12月有CEWC会议，但考虑到会议将确认的细节和数字不多，这应被视为非事件 (non-event)——我们需要等待下一个三月份的“2会”；
2) While there is CEWC in Dec, it should be a non-event given not so much details or numbers will be confirmed from the meeting - we needwait for the "Two Sessions" which is in next Mar;
3）防御性投资再次成为首选（低市净率、高股息等），其次是医疗健康行业，预计将受益于逐步增加的社保覆盖。
3) Defensive play being top pick again (low PB,high-div etc.), followed by Healthcare which shall benefit from the incremental social healthcarecoverage
一些图表
融资余额自11月14日以来有所下降，但在本周后半段有所回升，表明散户投资者的回归——但我感觉这次的信心并不强。
Margin Financing Balance was lower since Nov 14, though picked up later half this weekindicating return of retails - but I do sense the conviction is not strong this time
高杠杆散户的成交贡献在本周后半段也有所上升，尽管仍未达到上周的高点。
Turnover contribution from highly-levered retails also saw an uptick later half this week -though not as high as last week high
基准ETF的成交量在周五较前一日增长了38%，但与上周的平均日成交量相比仍下降了32%。
Benchmark ETFs turnover higher on Friday +38% DoD, though -32% vs. ADTV last week
在本月截至目前的期间，中国股票出现了净买入，主要集中在个股上。短期回补主导了买入活动。
Chinese equities saw net buying in the MTD period, dominated by single stocks. Short coversdominated the buying
GO ON VACATION
