【机构策略】预计A股市场向好趋势不改

Group 1 - The A-share market showed mixed performance on Thursday, with the Shanghai Composite Index rising slightly in the morning but later experiencing fluctuations, while the Shenzhen Component and ChiNext Index also saw initial gains followed by declines [1][2] - Key sectors performing well included semiconductors, medical devices, energy metals, and consumer electronics, while pharmaceuticals, insurance, electric machinery, and photovoltaic equipment showed weaker performance [1] - The liquidity in the domestic market remains loose, with continued inflows from margin financing, private equity funds, and industry ETFs, alongside expectations of a rate cut by the Federal Reserve in September, which is beneficial for foreign capital returning to A-shares [1] Group 2 - The overall trend of the A-share market is still strong, with the margin financing balance returning to over 2 trillion yuan, indicating a recovery in market confidence [2] - Despite the strong performance, the Shanghai Composite Index is near previous high levels, suggesting potential selling pressure above, necessitating caution regarding fluctuations at high levels [2] - In the medium term, supported by liquidity and fundamental recovery, the A-share market is expected to maintain an upward trend, with the index potentially rising gradually [2]