利好落地，A股表现不及预期？

Core Viewpoint - The significant reduction in tariffs between China and the U.S. has led to a mixed reaction in the A-share market, with initial gains followed by a decline, raising questions among investors about the underlying reasons for this behavior [1]. Group 1: Market Reactions - The A-share market had already rebounded over 8% since the resumption of China-U.S. trade negotiations, with some export-related stocks rising over 30%, indicating that the market had priced in the expectation of tariff reductions [2]. - Following the release of the joint statement, profit-taking by investors led to increased selling pressure, resulting in a quick drop in the index after an initial high opening [2]. Group 2: Technical Analysis - The Shanghai Composite Index faced significant selling pressure around the 3400-point mark, which is a previous area of high trading volume, leading to many retail investors selling to break even [3]. - The ChiNext Index also struggled with resistance at the 2100-point level, and insufficient trading volume contributed to the failure to break through this barrier [3]. Group 3: Sector Rotation and Fund Flow - Sectors benefiting from tariff reductions, such as cross-border e-commerce and consumer electronics, saw initial gains but then retreated, while growth sectors like photovoltaic batteries attracted continued investment, indicating a market focus on long-term industry logic rather than short-term events [4]. - Recent regulatory changes for public funds have pressured capital to shift from high-volatility stocks to undervalued blue-chip stocks, with bank stocks rising to new highs as a safe haven for investors [4]. - Although growth stocks experienced a rebound, trading volumes did not significantly increase, reflecting a market characterized by existing capital rather than new inflows, suggesting a cautious outlook [4].