A-share high position consolidation, sector rotation pace quickening.

On November 14th, the A-share market consolidated at high levels. Since November, the Shanghai Composite Index has been oscillating around the 4000-point mark, with clear rotation rhythms between sectors and within sectors. Main themes such as AI, new energy, resources, and consumer goods have performed to some extent, but the sustainability of the uptrend is relatively limited. Some institutions believe that in the short term, it is necessary to guard against the risk of a correction in stocks at high levels, and one can focus on the internal rotation of technology themes and opportunities for the consumer sector to catch up.