Closing comments： The geopolitical situation in Russia and Ukraine has warmed up, and A shares and Hong Kong stocks have fluctuated.

　　On November 22nd, the main indexes of A shares collectively fell by more than 3%, and closed at the lowest level in the whole day. The Shanghai Composite Index closed at 3,267 points, down 3.06%, with a turnover of 707.6 billion yuan. The Shenzhen Component Index closed at 10,438 points, down 3.52%, with a turnover of 1.08 trillion yuan. The GEM index closed at 2,175 points, down 3.98%, with a turnover of 489 billion yuan.

　　Affected by the situation in Russia and Ukraine, Hong Kong stocks opened higher and went lower. The Hang Seng Index opened 12 points higher. It rose 110 points in the early session and peaked at 19,711 points. Then it turned lower, falling 371 points or 1.89% to close at 19,229 points. The index of state-owned enterprises fell 147 points, or 2.1%, to 6,887 points; The Hang Seng Technology Index fell 111 points, or 2.57%, to 4,246 points. The total daily turnover of Hong Kong stocks was 157.983 billion yuan.

　　After many companies announced their results, their share prices dropped significantly, and Baidu Group (09888.HK) shares fell by 8.59%. Alibaba (09988.HK) fell by 4.38%; Aauto Quicker (01024.HK) fell by 4.42%; Medical Technology (02158.HK) dropped by 17.98%.

　　The market is looking forward to the ideal sales of Huawei Mate70, and the share price of mobile phone parts stocks has risen across the board. The share price of AAC Technologies (02018.HK) rose by 7.87%; Qiu Ti Technology (01478.HK) rose by 4.03%; () Electronics (00285.HK) rose by 4.27%; Shunyu Optics (02382.HK) rose by 2.2%; Xiaomi (01810.HK) increased by 1.42%.

　　Large-scale technology and semiconductor stocks fell across the board, and Tencent Holdings (00700.HK) shares fell by 1.72%; Hey (09626.HK) fell by 3.46%; Meituan (03690.HK) fell by 3.24%; SMIC (00981.HK) fell by 6.7%; Hua Hong Semiconductor (01347.HK) fell by 7.5%.

　　After A shares fluctuated within a narrow range continuously, the index was broken and adjusted. Industries and individual stocks generally fell, and the FTSE A50 index once fell by nearly 3%. Today, the market chose a rapid adjustment in the afternoon, mainly due to internal technical requirements, followed by external factors. If we look at it for a long time, we can’t break through it. Appropriate adjustment will help all parties in the market to rebalance the position layout, but overall we still keep the bullish thinking unchanged.

　　The geopolitical situation in Russia and Ukraine has warmed up, and funds have flowed into the bond market and the gold market to avoid risks. The international gold price has risen above 2,700 US dollars, and the US dollar exchange index has risen above 107. Apart from risk aversion, some speculative short money has been transferred to the current eye-catching virtual assets, and the Chinese and Hong Kong stock markets have become one of the markets where funds have withdrawn. The main index of A shares fell to a two-week low, while Hong Kong stocks fell to a two-month low.

　　In terms of technical trends, the three major indexes of Hong Kong stocks, namely, Hang Seng Index, State-owned Enterprise Index and Hang Seng Technology Index, all fell below the 50-day moving average, while the 10-day moving average of Hang Seng Index and China National Index fell below the 50-day moving average, resulting in a death cross. Next week, it will fall below the 50-day moving average in 20 days, and there will be a double death cross, and bad technical signals will appear one after another.

　　Next week, we will focus on the development of the geopolitical situation in the Middle East and Russia and Ukraine, which will affect the global capital flow and risk orientation. On the other hand, China will publish the industrial profit value, and the Federal Reserve will also publish the FOMC meeting minutes.