Group 1 - The market is expected to enter a period of consolidation to build momentum for future gains, with the Hong Kong stock market maintaining a fluctuating pattern since July 25, while the A-share market has seen significant inflows driven by retail and leveraged funds [1] - The margin trading balance in mainland China increased by 45.7 billion RMB in the first four trading days of the week, with a total inflow of 170 billion RMB over the past month, indicating strong buying interest in A-shares [1] - The low deposit rates and bond yields, combined with the ongoing profitability of the stock market, suggest a continued trend of funds moving from deposits to equities [1] Group 2 - The Hong Kong stock market has underperformed compared to A-shares due to a lack of foreign capital inflow, with foreign investors waiting for improvements in China's economic fundamentals [2] - The recent macroeconomic data from China indicates a slowdown, with weak credit demand from households and businesses, necessitating stronger policy measures to stimulate demand [2] - The upcoming Jackson Hole central bank meeting is a critical observation point, as it may influence market sentiment and policy direction, especially in light of external uncertainties such as tariffs on steel and aluminum products [3]
海通国际：增量资金入场提振A股 Jackson Hole前全球风险偏好或承压