Morgan Stanley Fund wrote that the A-share market experienced a "Black Friday" today due to the market itself being very sensitive to negative information recently, coupled with a lack of incremental funding, leading to market adjustments. After today's decline, the market evolved into a pattern of wide fluctuations, breaking the previous upward trend, but it is unlikely to form a downward trend, as domestic policies are still promising in the future. In this context, one should not be overly pessimistic, as recent domestic economic data has significantly improved and there is fundamental support. Once the market stabilizes, funds will re-enter and activity will increase again. The A-share market fell sharply today, marking the largest single-day decline in November. Major broad-based indices collectively fell, with the ChiNext Index and the ChiNext 50 Index leading the decline, and the ChiNext 800 and ChiNext 2000 both falling by over 3%, while the Shanghai Composite Index fell by 3.06%. In terms of industries, non-banking, healthcare, electronics, and new energy sectors led the decline, while media, home appliances, transportation, and retail sectors had relatively smaller declines, with no industry index experiencing an increase. Market turnover increased to 1.83 trillion yuan, up over 170 billion from the previous day. The reason for the market decline may be due to external geopolitical disturbances, leading to heightened panic. After a slightly lower opening, the market fluctuated narrowly, with a sharp decline before the lunch break, and the index gradually declined in the afternoon, with panic spreading and accelerated decline in the last half hour before closing. In terms of news, media reported that Kim Jong-un of the Workers' Party of Korea made a stern speech, and the escalation of the Russia-Ukraine conflict had a significant impact on investor sentiment, suppressing their willingness to go long, but overseas situations are more of a trigger factor rather than the root cause. From the recent market performance, after the NPC Standing Committee press conference on November 8, the market began to correct, briefly breaking below the 3300 level before quickly recovering and starting a low-volume rebound, albeit weak, and the profitability of active securities has weakened compared to before. Therefore, the first half of this week is in a weak rebound pattern, with minimal incremental funding beyond the weak rebound in financing.