Group 1 - The A-share market experienced a rebound in the first half of the week, followed by a period of adjustment, with major indices closing lower, yet trading activity remained high [1] - The recent market adjustments are seen as a necessary correction after continuous gains since late June, but the long-term trend of improving corporate earnings remains intact [1][2] - Key supporting factors for the market's previous rise, including policy support, emerging new growth drivers, and the influx of incremental capital, have not changed [2][3] Group 2 - The "bottom-line thinking" remains a fundamental principle for future macro and capital market policies, with stock market support being a crucial part of the growth stabilization strategy [2] - New growth drivers continue to support the capital market, with technology sectors like TMT, innovative pharmaceuticals, and machinery showing resilience despite recent market declines [2] - The trend of "residential deposits moving" indicates a growing influx of capital into the market, driven by the low-interest-rate environment, which is expected to be a significant force in the current market cycle [2][3] Group 3 - Recent reports indicate a marginal slowdown in market liquidity, suggesting that a "cooling off" period is necessary for sustainable growth [3] - August is anticipated to be a month of sector rotation and localized hotspots due to the policy lull and the concentration of semi-annual report disclosures [3] - Long-term trends in the A-share market remain positive, focusing on economic structural transformation and industry trend changes under the "15th Five-Year Plan" [3]
机构:支撑A股向好的核心逻辑未变
Shang Hai Zheng Quan Bao·2025-08-03 19:14