Haitong Securities: With continuous policy efforts, the fundamentals will eventually improve, and the market will enter a "flag-waving" phase.

Golden Ten Data on November 22, analysts said that there are two main reasons for today's market big dump: on the one hand, external news disturbances; On the other hand, the market has recently accelerated its rotation and there is no clear main line. Some funds chose to hold high-level stocks, and began to speculate on the "code" in the past two days, and some stocks with the same two digits after the stock code have risen sharply. This has exacerbated the wait-and-see mentality in the market. For the A-share market outlook, Xun Yugen, chief economist and director of the research institute of Haitong Securities, said that from a long-term perspective, the return rate of the stock market is higher than that of the bond market and gold. The market since September 24 of this year may be the beginning of a new cycle. In the early stage of the market, the policy side is improving, and there will inevitably be Fluctuation in the "heartbeat" stage. As the policy continues to exert force, the fundamentals will eventually improve, and the market will enter the stage of "movement".