泓德基金：调整是市场运行的正常现象

Core Viewpoint - The recent adjustments in the equity market are attributed to profit-taking after significant gains and a cooling of speculative behavior among investors, leading to increased selling pressure [1] Market Performance - Since April 8, the total A-share market has risen over 30%, while the Shanghai Composite Index has increased by more than 25% [1] - Historical data indicates that when major indices experience a rapid increase of over 30%, market corrections typically follow, making the current adjustment expected [1] Market Valuation - Current market valuations have risen but have not reached bubble levels [1] - The turnover rate in the A-share market has increased but has not surpassed the high point from October 8 of the previous year [1] Fund Flows - There is evidence of increased equity allocation through margin trading and "fixed income plus" products among residents [1] - Despite the market's rise, data from high-frequency ETFs and public fund monthly reports indicate that investors continue to redeem equity funds, suggesting that the funding environment is not overly exuberant [1] Investment Strategy - Given the structural market conditions and increased volatility, there is a need for stronger stock selection and directional judgment capabilities [1]