Reviewing the November market performance, the broader market experienced repeated high volatility, with the structure also showing a rotation of gains among lower-positioned sectors. Entering late November, the main theme of the market was a growth recovery rebound, and market sentiment began to warm up: the probability of a Fed rate cut increased; the China Council for the Promotion of International Trade, invited by the US Chamber of Commerce, will organize a delegation of Chinese entrepreneurs to visit the US; overseas renowned financial institutions like J.P. Morgan, UBS, and Fidelity International are bullish on the A-share market for next year.

ChinaAMC Investor Return Research Center stated that, from the perspective of ETF investment opportunities, there have been few recent changes at the industry level, lacking clear layout clues. After short-term repairs across various sectors, a pullback cannot be ruled out. However, the long-term view is not pessimistic, and holdings should be optimized during adjustments.

In terms of opportunities, many tech sectors like Hong Kong tech stocks, STAR Market AI, and robotics have seen significant recent adjustments, gradually offering investment value. Sectors like brokerages and dividends also possess long-term value and can be directions for subsequent focus.

1. Hong Kong Tech Stocks: Hong Kong Stock Connect Tech ETF Fund (159101), Hang Seng Tech Index ETF (513180), Hang Seng Internet ETF (513330), etc.

Earlier market trading factored in a lowered probability of a Fed rate cut in December and was dragged down by the global tech stock adjustment, leading to a continuous decline since October. Currently, valuations, relative levels, etc., appear to offer some value. Furthermore, highly anticipated AI applications expected by 2026 are likely to be gradually implemented in leading tech companies, and southbound funds are expected to return to a high inflow trend early in the year. Therefore, there are investment opportunities to accumulate on dips and wait for catalysts.

2. A-share Robotics ETF (562500), Fintech ETF ChinaAMC (516100), etc.

Both robotics and fintech are sectors facing relatively many short-term headwinds, with relatively weak secondary market performance. However, fundamentally, the robotics industry continues to develop and iterate. Leading supply chain companies, by proactively establishing specialized and global manufacturing systems and accelerating partnerships with core clients, are entering a period of more certain capacity preparation and order fulfillment.

As for fintech, it will benefit from the buoyancy driven by the sustained activity in the A-share market. The overall revenue growth rate of the sector has rebounded, reaching 11.9% in the third quarter of 2025 alone, reversing the negative single-quarter revenue growth of the past six quarters. Both sectors hold certain participation value and can be accumulated on dips.

Regarding the broader trend, ChinaAMC Investor Return Research Center stated: The market is likely to remain dominated by volatility.

Judging from the price action, the overall recovery speed is slow, and sector rotation is characterized by generally limited sustainability, reflecting the overall lack of strength in the market. The main reason is the lack of incremental logic. While sectors like gaming have AI application catalysts, they are primarily thematic and haven't shown sustained momentum as the hype faded. Against this backdrop, market turnover remains low. Considering that the current market level has multiple supports on the downside but lacks incremental logic to drive it upward, the market is likely to remain volatile.