The three major U.S. stock indexes collectively fell, with the Dow down 0.51%, the Nasdaq down 1.69%, and the S&P 500 down 1.07%. Popular tech stocks were the main contributors to the decline, with Broadcom falling over 11%, Nvidia down over 3%, and only Tesla rising over 2%. The storage concept, cryptocurrency mining companies, and semiconductor sectors led the decline, while the automotive manufacturing sector rose against the trend. Meanwhile, the FTSE A50 fell by 0.45%, and the Nasdaq Golden Dragon China Index closed down by 0.3%. Most popular Chinese concept stocks fell, but this external volatility has a more limited impact on A-shares, which remain in a slow bull pattern characterized by 'self-reliance'.
The core of supporting market confidence lies in the dual backing of policy and capital. The national financial system work conference clearly stated the continuation of a moderately loose monetary policy, with a total of 1.6 trillion yuan injected through 1 trillion yuan reverse repos on December 5 and 600 billion yuan buyout reverse repos on December 15. After deducting the 1.4 trillion yuan of maturing funds on December 1, the net injection reached 200 billion yuan. Historical data shows that during the monetary injection cycle, the market generally tends to rise. The financial data released by the central bank for the first 11 months is also favorable, with the cumulative increase in the scale of social financing reaching 33.39 trillion yuan, an increase of 3.99 trillion yuan year-on-year; at the end of November, the M2 balance was 336.99 trillion yuan, a year-on-year increase of 8%, which, along with the year-on-year 4.9% of M1, forms a scissors difference, confirming the strong momentum of economic recovery; in the first 11 months, RMB loans increased by 15.36 trillion yuan, and household deposits increased by 12.06 trillion yuan, providing a sufficient capital reservoir for the market. More noteworthy is that the regulatory authorities are accelerating the advancement of quantitative trading norms, with the fair trading plan originally scheduled for implementation in 2026 set to take effect within a month. By unifying and delaying, and smoothing out differentiated speed advantages, the fair order of the market is being rebuilt. This measure is effectively restoring investor confidence and laying the foundation for the continuous rebound of A-shares.
At the industry level, favorable policies are precisely dripping into key areas. The financial work conference clearly stated, "Effectively and orderly prevent and resolve risks in key areas, support the stabilization of the real estate market," directly reducing the risk of defaults among leading real estate companies and injecting stabilizers into the real estate sector. Market hotspots are now focused on the bottlenecks in the AI industry and the reconstruction of consumer value: NVIDIA will hold a closed-door summit next week, focusing on the power shortage issues in AI data centers. Currently, the power gap in U.S. data centers has reached 47 gigawatts, equivalent to the annual electricity consumption of nine Miami cities. Goldman Sachs predicts that AI-driven power demand will increase by 175% by 2030 compared to 2023. This industry pain point is driving the strength of power equipment sectors such as transformers, energy storage, and 800V direct current power supply, with relevant domestic companies leveraging their technological advantages to seize the North American market.
Changes in consumer sentiment have also drawn attention. Recently, Feitian Moutai has experienced multiple price increases and stock shortages, with the wholesale price approaching 1600 yuan. Distributors have revealed that Moutai has implemented a quantity control policy. Although the market is skeptical about the effectiveness of price control and the liquor industry is undergoing structural adjustments to reduce financial attributes and iterate consumer groups, the price fluctuations of Moutai still affect the nerves of the consumer sector. Latest research shows that Moutai's sales have shifted to being driven by real consumption, continuously rebounding month-on-month since August, with third-quarter revenue increasing 7.26% year-on-year. As the traditional consumption peak season around New Year's Day and the Spring Festival approaches, the consumer sector represented by Moutai is expected to undergo a value reassessment in 2026.
The current market is at a critical period of policy support and hot-switching. Under the support of monetary easing and regulatory optimization, the independent market characteristics of A-shares are becoming increasingly apparent. The power equipment sector benefits from the AI energy revolution, the real estate sector is safeguarded by policies, and the consumer sector is brewing a value reconstruction. With multiple main lines intertwined, the market is expected to continue its rebound.
