国庆前夕，A股为何突然"变脸"？

Market Overview - The A-share market experienced a significant decline, with all three major indices dropping over 1%, despite achieving the third-highest trading volume of the year [1][2] - The sudden shift in market sentiment was influenced by the Federal Reserve's interest rate cut of 25 basis points, which fell short of investor expectations, failing to stimulate enthusiasm [1][2] Sector Performance - The tourism and hotel sectors showed resilience, benefiting from a clear recovery in consumer spending as the National Day holiday approaches, making tourism stocks a safe haven in the current market [1][2] - The robotics and semiconductor sectors also performed well, with SMIC reaching a historical high, highlighting the resilience of China's semiconductor industry and the importance of technological innovation as a key investment area [1][2] Monetary Policy and Market Sentiment - The People's Bank of China conducted a 487 billion yuan reverse repurchase operation, injecting 200 billion yuan of net liquidity to stabilize market funds [1][2] - The bond market displayed independent sentiment, with the 10-year government bond yield fluctuating around 1.78%, indicating institutional confidence in long-term market development [1][2] Investment Strategy - Despite the short-term adjustments in the A-share market, this is not indicative of a market collapse but rather a normal adjustment in a healthy market [1][2] - The resilience of the Chinese economy and the recovery of domestic demand suggest that investors should remain rational, avoiding impulsive trading, and focus on identifying long-term value stocks [1][2]