On the morning of November 21st, the three major A-share indices collectively fell, with the Shanghai Composite Index down 1.48%. As of 10:15, the CSI 1000 ETF (159845) fell 2.54%. Among other broad-based indices, the SSE 50 fell 0.97%, the CSI 300 fell 1.47%, and the CSI 500 fell 2.39%.

In terms of individual stock performance, among the top 50 constituent stocks of the CSI 1000 ETF (159845), the top gainers were Zhejiang Rongtai, up 3.20%, and Yingliu Shares, up 2.87%; however, Shannon Core Creative and Jiangte Motor performed poorly, with changes of -12.07% and -10.03% respectively.

In terms of sector performance, among the top weighted sectors of the CSI 1000 ETF (159845), Electronics fell 2.82%, Power Equipment fell 3.30%, Medicine & Biotech fell 1.66%, Computers fell 2.02%, and Machinery & Equipment fell 2.09%.

From a capital perspective, the CSI 1000 ETF (159845) saw net inflows of 891 million yuan over the past five trading days and 978 million yuan over the past ten trading days. Its latest size reached 44.588 billion yuan, with an increase of 1.651 billion yuan over the past month. Trading was notably active today; as of the time of writing, the intraday turnover reached 880 million yuan, with an average daily turnover of 419 million yuan over the past week.

Regarding news, the China Securities Regulatory Commission (CSRC) stated that the Fourth Plenary Session of the 20th Central Committee identified promoting high-quality development as the theme for economic and social development during the "15th Five-Year Plan" period, explicitly proposing to enhance the inclusiveness and adaptability of the capital market system and improve the function of the capital market to coordinate investment and financing. The CSRC will intensify efforts to advance system construction and optimize the structure of listed companies; prevent and control risks more precisely and efficiently, strengthening full-chain supervision; and place greater emphasis on investor protection to enhance investor trust and confidence.

Huaxin Securities stated that observing the bull market process from ten indicators across three perspectives—valuation, trading, and capital—indicators such as equity risk premium, volume and price, crowding, technical analysis, and margin trading have triggered signals for a short-term consolidation, but no peak signals have appeared yet. The A-share bull market is still in its mid-phase, waiting for subsequent incremental funds from household deposits, public offerings, and foreign capital to enter the market in succession. It is expected that the A-share market will experience volatile movements in November, with styles rebalancing. Focus should be on three directions: low-position catch-up plays on the trading side, profit recovery on the performance side, and tech themes on the policy side.

The CSI 1000 ETF (159845) closely tracks the CSI 1000 Index. The CSI 1000 Index consists of 1,000 stocks selected from all A-shares after excluding the constituents of the CSI 800 Index, which are relatively small in scale and have good liquidity, comprehensively reflecting the stock price performance of a group of small-market-cap companies in China's A-share market.