和讯投顾刘伟奇：A股3400点横盘震荡，120分钟钝化形成，分化行情如何区别对待？

Core Viewpoint - The A-share market is experiencing a sideways consolidation around the 3400-point level, with significant changes in market dynamics despite the seemingly stable index [1][2]. Market Analysis - The Shanghai Composite Index closed at approximately 3404 points, forming a 120-minute consolidation pattern, which will be crucial to monitor for potential upward or downward movements [1]. - The absence of daily-level consolidation is noted as a positive sign, but caution is advised regarding the 120-minute high point, which may require attention if it begins to decline [2]. Sector Differentiation - There is a notable divergence in market performance, with some sectors at low levels while others remain high, necessitating differentiated strategies for investment [2][3]. - The ChiNext board is identified as being at a low position, while the Shanghai Composite Index and the CSI 300 are at relatively higher levels, indicating a need for vigilance regarding potential high point formations [3]. Investment Strategy - Investors are advised to be cautious with continuously rising stocks, as there may be a risk of pullbacks in these areas [3]. - Low-positioned stocks may not show immediate upward potential, but their downside risk appears limited, suggesting a focus on stability in these segments [3].