【机构策略】预计A股市场将阶段性震荡

Group 1 - The recent adjustment in A-shares is attributed to profit-taking pressure and changes in market expectations after a period of continuous gains [1] - PMI data has led to a cooling of expectations regarding incremental policies and pro-cyclical measures [1] - The market's expectations for interest rate cuts have become uncertain due to statements from the Federal Reserve and fluctuations in non-farm payroll data [1] - The agreement between the US and its allies has dampened expectations for improved US-China relations [1] - Despite these factors, the global monetary easing and ample liquidity in the A-share market remain unchanged, sustaining investors' bullish outlook [1] - The current market sentiment has cooled from an exuberant state, and a phase of consolidation in the A-share market is anticipated [1] Group 2 - The positioning of the market determines the behavior of leading funds, which in turn influences the structural patterns of rising industries [2] - Historically, liquidity-driven markets tend to see concentrated leadership in industries rather than a high-low rotation [2] - The focus of funds is on high consensus varieties rather than low-position varieties [2] - The performance in July confirmed that the market is gradually concentrating on trend-based varieties, as the efficiency of high-low rotation is relatively low [2] - A recent marginal slowdown in incremental liquidity suggests that the market needs to cool down for sustainable growth [2]