A股跳水原因找到了！超过4600家下跌，一上头就亏钱

Market Overview - The recent pullback in A-shares is attributed to overly optimistic short-term sentiment and a high level of consensus among investors, with a trading volume of 2.15 trillion yuan, comparable to significant volumes seen during last year's bull market [1] - The market is facing pressure from the recent disappointing non-farm payroll data and CPI figures, which have led to expectations of interest rate cuts by the Federal Reserve [3] - The upcoming Jackson Hole central bank conference, where Fed Chairman Jerome Powell will speak, may not meet market expectations, contributing to market volatility [3] Financial Data Insights - The latest social financing data from the central bank indicates a shift of household assets into the stock market, suggesting a lack of fundamental support for the current market rally [4] - The performance of various indices from 2021 to 2025 shows significant declines in profitability for the 中证 2000 index, which has seen a 54.3% decrease in net profit over the past four years, despite an 18.74% increase in its price [5] - The net profit data reveals that the 沪深 300 index has grown by 35.5% over four years, while the 中证 500 index has experienced an 8.5% decline [6] Sector Performance - The market saw a decline in most sectors, with only non-bank financials showing an increase, while sectors such as defense, telecommunications, and textiles faced significant losses [12] - The micro-cap stocks have shown a substantial increase in valuation despite poor earnings growth, indicating a potential bubble in this segment [4] Notable Corporate Actions - China Ping An has increased its stake in China Pacific Insurance by acquiring approximately 1.74 million H-shares at a price of 32.0655 HKD per share, totaling around 55.84 million HKD, which brings its holding to 5.04% of the total H-share capital [10] - The launch of China's first commercial electron beam lithography machine, "Xizhi," marks a significant advancement in quantum chip research, indicating progress in domestic technology capabilities [10]