Xin Lang Cai Jing·2025-09-22 00:31Core Viewpoint - The recent report from CICC indicates that the A-share market is currently in a short-term adjustment phase, but this does not alter the medium-term trend. The current market conditions may be more aligned with "long-term" and "steady progress" characteristics [1] Group 1: Market Trends - The growth style has recently shown characteristics of diffusion and rotation, expanding from technology growth to sectors such as innovative pharmaceuticals, high-end manufacturing, military industry, and new energy since the beginning of the year [1] - The strong sectors are expected to continue to alternate, indicating a potential for ongoing market dynamics [1] Group 2: Earnings and Policy Focus - As the third quarter draws to a close, investor attention towards the third-quarter earnings reports is likely to increase [1] - Important policy moments should be monitored for their implications on medium to long-term reform directions, particularly in areas benefiting from support for new productive forces, green development, and expanded openness [1] Group 3: Dividend Style - The dividend style remains a phase-specific and structural performance characteristic [1]