A股电池板块震荡回落，宁德时代、华盛锂电跌超3%，恩捷股份、石大胜华等跟跌。

10月对冲基金大幅去风险并集中清算AI仓位，反而改善了年底前美股、尤其AI板块的仓位环境。若11月AI股逐步企稳，同时散户继续买入股票基金，对冲基金可能从11月底开始重新增加AI敞口。不过，长期资金对债券的配置仍可能限制收益率进一步下行，后续利率下降或更依赖动量等投机型资金推动。

Saxo Markets chief investment strategist Charu Chanana says Asian markets are particularly vulnerable in the latest AI-led sell-off. She cites a partial market reappraisal of future US infrastructure demand and overly concentrated investor positions in AI beneficiaries. South Korea and Taiwan are heavily exposed to the global AI hardware cycle, notably logic and memory chips; Japan’s exposure is concentrated in semiconductor equipment makers and industrial suppliers. Chanana says crowded positioning has amplified the shock and the speed and breadth of the sell-off point to ongoing deleveraging and a potential for forced liquidations.