A股走低如何看？众人皆说“牛回头”

Market Overview - The A-share market experienced a significant decline on September 4, with the Shanghai Composite Index dropping over 2% at one point, closing down 1.25% at 3765.88 points, while the Shenzhen Component fell 2.83% to 12118.7 points, and the ChiNext Index decreased by 4.25% to 2776.25 points [1] Market Sentiment and Analysis - Industry insiders suggest that the recent decline in A-shares is a typical "bull market pullback," with adjustments expected to last from one week to one month, advising investors to manage their positions carefully [2] - The market saw 2296 stocks rise, with 51 stocks hitting the daily limit or rising over 10%, while 2990 stocks fell, with 71 stocks hitting the daily limit or dropping over 10% [2] - The investment director of Hengchuang Tianxia believes that the significant drop in previously high-performing AI sector stocks has heavily impacted major indices, indicating that the current market adjustment is nearing its end, with potential for a shift in market focus [2] Sector Performance - High-profile sectors such as CPO, AI chips, and humanoid robots faced substantial sell-offs, with companies like Cambrian, New Yisheng, and Zhongji Xuchuang being highlighted as representatives of "bubble bursting" [3] - Market funds are shifting from high-valuation tech chains to sectors like consumer goods, pharmaceuticals, and batteries [3] Future Outlook - Analysts predict that the recent market adjustment is a necessary phase in the ongoing bull market, with the Shanghai Composite Index's peak at 3888 points not being the end of the bull run but rather a temporary high [3] - If the index can stabilize around 3730 points, there is potential for a rebound above 3800 points in mid to late September [3] - The chief strategist at Dongwu Securities notes that since June, the market's main focus has been on AI, particularly in upstream hardware, with a shift towards AI downstream applications being a promising strategy moving forward [4] - The market is currently in a phase of structural adjustment, with previous overheating and high valuations in tech sectors being gradually released, while overall A-share valuations remain attractive [4]