【机构策略】本轮行情驱动力主要来自相对理性的资金

Group 1 - The driving force behind the current market trend is the participation of rational funds, high-net-worth individuals, and corporate clients, leading to a significant institutional characteristic of incremental capital [1] - The current funding structure indicates that the market will primarily focus on high-prosperity industry trends or assets with sustainable cash returns, particularly in resources, new productive forces (AI, innovative drugs), and overseas expansion [1] - If the consensus on the nature of the market (structural bull) is established, funds seeking yield elasticity are likely to either maintain stable positions or engage in high-low trading within prosperous sectors, rather than blindly expanding into other sectors [1] Group 2 - The A-share index is currently in a consolidation phase, with the potential for directional selection depending on recent domestic and international events [2] - The attractiveness of current A-share valuations and the impact of "anti-involution" policies and demand-side policies will be crucial for the market's future performance [2] - As the National Day holiday approaches, a decrease in trading willingness is expected, potentially prolonging the market's consolidation phase [2]