美联储转向、9月降息在即，全球牛市有望延续

Group 1 - The Chinese stock market shows continued momentum driven by low interest rates and stable fundamentals, with significant inflows from insurance funds amounting to nearly 1 trillion yuan [1][8] - The U.S. Federal Reserve's potential interest rate cut in September is expected to inject momentum into Asian markets, including China, despite previous market gains [1][3] - The A-share market has seen a net inflow of approximately 1.5 trillion to 1.7 trillion yuan in the first half of the year, with two-thirds coming from insurance companies due to regulatory changes [8][9] Group 2 - The global stock market is buoyed by expectations of interest rate cuts, with the S&P 500 index reaching 6445.76 points and the Nasdaq hitting new highs [5][6] - European markets have also performed well, with the Euro STOXX 50 index up about 11% year-to-date, benefiting from low valuations and economic recovery expectations [6] - Japan's Nikkei 225 index recently surpassed 43,000 points, marking a historical high, driven by strong market sentiment [6] Group 3 - The A-share index surpassed 3,800 points, supported by the Fed's shift towards rate cuts, indicating a favorable environment for continued growth [8] - The margin financing balance in the A-share market has exceeded 2 trillion yuan for the first time since 2015, suggesting manageable leverage risks [9] - Key indicators to monitor for the sustainability of the A-share rally include the stability of 10-year government bond yields and the performance of corporate earnings in the upcoming quarters [9]