方正证券：牛市中的回调特征

Group 1 - The A-share market has experienced a decline of 4.6% since September 2, with historical patterns indicating that short-term corrections occur during bull markets, as seen in 2007, 2009, and 2014-2015 [1][3] - Historical corrections include a 20% drop over 28 trading days in 2007, a 10% drop over 19 trading days in 2009, and multiple smaller corrections in 2014-2015, with declines of less than 5% to around 6% [1][3] - Trading volume typically decreases significantly during these corrections, with a 60.4% drop in May 2007, a 71.8% drop in February 2009, and over 30% in the 2014-2015 corrections, indicating a return to pre-correction levels [6] Group 2 - During bull market corrections, there is no clear trend in the performance of large-cap versus small-cap stocks, suggesting caution in switching styles [2][8] - In past corrections, dividend-paying assets have not consistently outperformed the overall market, indicating that reducing positions may be more prudent than seeking refuge in dividend stocks [2][8] - Strongly performing sectors prior to corrections tend to experience larger declines, demonstrating a reversal characteristic during these periods [21]