午评：科技题材重挫 有色银行护盘

Market Overview - European stock markets experienced a slight increase, while US markets were closed for Labor Day. In the Asia-Pacific region, Japan rose by 0.2% and South Korea by 0.5%, while Australia fell by 0.3%. The Hang Seng Index opened lower but later fell by 0.5%, with the Hang Seng Tech Index down by 1.5% [1] - Alibaba saw a significant rise of 19% yesterday but opened lower today, currently down by 1%. The stock is close to its March peak, indicating potential for a breakout despite today's adjustment [1] A-Share Market Dynamics - The A-share market experienced a significant adjustment, opening flat but declining throughout the day, with small-cap stocks leading the decline. The Shanghai market saw a drop of 1.8%, while Shenzhen fell by 2.3%. Micro-cap stocks dropped by 2.7%, breaking through key technical support levels [1][2] - The market showed a clear divergence between large and small-cap stocks, with a total of 4,500 stocks declining and only 800 advancing. The adjustment was anticipated, with expectations of a market correction [2][4] Capital Flow and Sector Performance - Major capital outflows were noted, with approximately 135 billion leaving the market in the morning, potentially reaching 200 billion by the end of the day, surpassing previous outflows [4] - The leading sectors included gold and silver, driven by expectations of interest rate cuts by the Federal Reserve. The banking sector also showed resilience, rising by 1.2% as technology stocks faced downward pressure [4][6] Specific Sector Insights - The liquor sector initially showed strength, with Kweichow Moutai rising by 2% before retreating. The sector's long-term outlook remains uncertain, especially in light of potential shifts in investor sentiment [6] - The technology sector, particularly in digital currencies and electronic payments, faced significant declines, averaging a drop of 5.5%. This sector's performance was impacted by a lack of positive news and general market rotation [7] Market Sentiment and Strategy - The current market adjustment is seen as a preemptive reaction to potential changes in the coming days, with expectations of some market support. Investors are advised to be cautious, particularly with high-flying technology stocks [8][10] - The overall market volume increased significantly, with a total trading volume of approximately 2.8 trillion. Despite the widespread declines, there were still 39 stocks hitting the daily limit up, indicating some underlying confidence [9]