2.31万亿成交放量，上证3700冲高回落，4600股收跌显分化

Market Overview - A-shares experienced dramatic fluctuations on August 14, with the Shanghai Composite Index reaching a high of 3704.77 points before closing at 3666.44 points, down 0.46% [1] - The Shenzhen Component Index and the ChiNext Index fell by 0.87% and 1.08%, respectively, with all three major indices closing near their lows [1] Market Dynamics - The market showed significant divergence, with a total trading volume of 2.31 trillion yuan, an increase of 6% from the previous trading day [3] - The ratio of advancing to declining stocks was 735 to 4648, indicating a substantial internal market divide, particularly affecting micro-cap stocks, which saw an average decline of 2.55% [3] Style Shift - A clear "big is beautiful" trend emerged, with most of the top 40 stocks by market capitalization showing gains, while the Wind micro-cap index dropped by 2.57% for three consecutive days [4] - The insurance sector performed notably well, with an index increase of 2.19%, led by China Pacific Insurance, which rose by 4.87% [4] - Some previously strong micro-cap stocks experienced significant corrections, such as Mingdiao Co., which fell by 8.50% after hitting a limit up [4] Technical Analysis - The Shanghai Composite Index failed to maintain key technical levels at 3700, 3684, and 3674 points, indicating increased bearish pressure [5] - The market showed signs of a potential upgrade in the nature of its adjustments, with a notable "index top divergence" observed [5] - The proportion of stocks with price changes exceeding 10% was 43 to 17, and those with changes greater than 5% was 86 to 265, reflecting increased market volatility [5]