A股短期调整，中期或现机会

Group 1 - The A-share market is experiencing significant volatility with extreme structural characteristics, where the CPO and technology sectors are declining while the index is rising [1] - The core contradiction of the market adjustment lies in the change in funding structure, highlighted by the record high margin financing balance since 2016, indicating potential overheating risks [1] - Institutional funds are withdrawing, as evidenced by over 10 billion yuan in redemptions from the Sci-Tech 50 ETF in the past two weeks [1] Group 2 - The adjustment in the growth sector is not over, with high-valued technology stocks needing to digest valuation bubbles [1] - Funds that flowed out of CPO have moved into dividend, CXO, and new energy sectors, but the adjustment phase is still ongoing, with funds searching for upward trends [1] - Short-term investors are advised to adopt a defensive strategy, such as investing in fund combinations, while mid-term attention should be given to potential mainline opportunities in CXO, chemicals, and new consumption sectors [1]