博时市场点评9月3日：两市涨跌不一，沪指跌1.16%

Market Overview - The three major indices in the A-share market showed mixed performance, with the Shanghai Composite Index down by 1.16% and trading volume shrinking to less than 2.4 trillion yuan [1] - The margin trading balance also decreased by over 8.5 billion yuan, indicating a potential cooling of market risk appetite in the short term [1] Monetary Policy - In August, the People's Bank of China (PBOC) implemented significant liquidity injections, with a net injection of 300 billion yuan through Medium-term Lending Facility (MLF) and a net withdrawal of 160.8 billion yuan through Pledged Supplementary Lending (PSL) [2] - The PBOC's actions reflect a stance of "moderate easing" in monetary policy, aimed at maintaining ample liquidity in the banking system and supporting credit expansion [2] Tax Policy - The Ministry of Finance and the State Taxation Administration announced tax exemptions to support the transfer of state-owned equity and cash income to the social security fund, effective from April 1, 2024 [2][3] - These tax incentives are designed to lower operational costs for the receiving entities and enhance the long-term efficiency and profitability of the social security fund [3] Market Performance - As of September 3, the A-share market saw a decline in the Shanghai Composite Index and Shenzhen Component Index, while the ChiNext Index experienced a slight increase of 0.95% [4] - Among the sectors, only the comprehensive, communication, and electric equipment sectors saw gains, while defense, non-bank financials, and computer sectors faced significant declines [4] Fund Flow - The market turnover was recorded at 23.96 billion yuan, showing a decrease compared to the previous trading day, with the margin trading balance also declining [5]