沪深京三市：成交额缩量 短期股指或宽幅震荡

Core Viewpoint - The stock indices experienced narrow fluctuations today, with expectations of wider volatility in the short term due to weak credit data and declining consumer growth [1] Market Performance - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 23,031 billion, a decrease of 2,452 billion compared to the previous day [1] - The financing balance remains high, indicating that leveraged funds are still net buyers [1] Economic Indicators - Recent credit data shows weakness, reflecting insufficient financing demand from the real economy [1] - Poor inflation data from August and slowing consumption growth have increased expectations for demand-stabilizing policies, which are anticipated to gradually manifest in the fourth quarter [1] Investment Trends - The increase in non-bank deposits in July and August year-on-year indicates a shift in social wealth asset allocation towards the stock market [1] - The expectation of policy support and continuous capital inflow into the stock market provides medium to long-term support for stock indices [1] Short-term Outlook - Due to significant valuation increases in some stocks, there is a tendency for profit-taking, leading to potential technical adjustment pressures in the short term [1] - The overall expectation is for stock indices to primarily experience wide fluctuations in the near term [1] Options Market - The implied volatility of options is currently within a normal range, and given the long-term upward trend of stock indices, it is advisable to continue holding bull spreads or ratio spreads [1]