Haitong Strategy: The mid-term market is expected to be driven by fundamentals.

Jinshi Data News on November 24th, Haitong Strategy's latest report pointed out that since the middle and late October, the previously inflowing institutional funds have turned into net outflows. The market sentiment is mainly supported by retail investors, leveraged funds, and other supports. The recent decline in market trading activity may be due to the cooling of sentiment among retail investors and other active funds. Since November 14th, leveraged funds have had a net outflow of 8.5 billion yuan. Taking history as a reference, the short-term trend of the market is influenced by trading volume and turnover data, while the medium-term trend is driven by fundamentals. Technological manufacturing and high-end manufacturing with superior fundamentals may become the main theme in the medium term.