A股连日巨幅调整，后续行情如何演绎？券商研判

Market Overview - A-shares experienced a decline, with 2,990 stocks falling and 2,295 rising as of September 4, indicating mixed performance in the market [1] - The communication, electronics, and defense industries led the decline, while retail, banking, and coal sectors showed gains [1] Market Adjustment and Future Outlook - According to a report from Founder Securities, the A-share market has seen a 4.6% decline since September 2, which is considered a normal short-term adjustment [2] - Historical analysis shows that previous bull markets in A-shares have experienced similar short-term corrections, with significant declines in trading volume during these periods [2] - Multiple positive factors are expected to support the long-term upward trend of the Chinese capital market, including a stable economic outlook, low valuations, and increasing dividends and buybacks [2] Market Sentiment and Policy Implications - Minsheng Securities highlighted the importance of market stability and inclusivity, suggesting that recent military parades have influenced market sentiment [3] - The focus will shift towards the intersection of overseas volatility and domestic policy expectations, especially with the anticipated easing of U.S. monetary policy and the upcoming "14th Five-Year Plan" [3] Long-term Bull Market Potential - According to Zhang Yidong from Industrial Securities, both A-shares and H-shares are expected to enter a prolonged bull market, driven by China's unique financial development path [4] - The shift of social wealth from safe assets to the stock market is seen as a key variable for mid-term market trends, with policies encouraging long-term capital inflow [4] Capital Flow and Market Dynamics - Zhang Yidong noted that the sustained profitability of the Chinese stock market could attract global capital back to A-shares and H-shares, especially with a potential weakening of the U.S. dollar [5] - The recent increase in market liquidity, driven by institutional participation and public fund reforms, is expected to support the A-share market [5][6]