Sou Hu Cai Jing·2025-09-01 00:21Group 1 - The A-share market has shown steady performance despite a slight slowdown, with concerns of localized bubbles emerging after rapid short-term gains [1] - The Shanghai Composite Index has reached a ten-year high above 3800 points, leading to increased market divergence and skepticism, but further gains are anticipated [1][4] - The market's upward momentum is supported by healthy fundamentals, including historical average levels of margin financing and overall valuation levels not indicating overheating [4] Group 2 - Key events in September include potential Fed rate cuts, which may catalyze a new round of growth in resource sectors, particularly precious metals and copper [3] - The upcoming product launches from Apple and Meta are expected to drive sustainable trends in edge AI and consumer electronics, making the supply chain of Apple a focal point [3] - The military parade is likely to enhance expectations for China's military trade exports, with the actual progress in foreign military trade post-parade being crucial for market sentiment [3] Group 3 - The market is expected to maintain a trend of oscillating upward, driven by the accumulation of profit-making effects and continuous inflow of incremental capital [4][5] - The emotional index has reached a high level, indicating potential for either a rapid peak followed by a reversal or a consolidation phase before the next upward movement [5] - The current market environment is characterized by alternating sector rotations, which is essential for a stable and sustainable bull market [5]