【机构策略】本轮慢牛行情的根基并未动摇

Market Overview - The A-share market experienced narrow fluctuations on Monday, with the Shanghai Composite Index showing slight movements while the Shenzhen Component and ChiNext Index saw initial gains followed by a decline and a late recovery [1][2] - The overall market sentiment remains optimistic, supported by the Federal Reserve's interest rate cuts and a strengthening yuan, which is expected to improve risk appetite [2][3] Sector Performance - Key sectors such as consumer electronics, semiconductors, computer equipment, and automotive parts performed well, while tourism, energy metals, automotive services, and fertilizers lagged behind [1] - The technology sector, particularly the Sci-Tech 50 Index, led the major indices, with strong performances in the consumer electronics and semiconductor chip sectors [3] Investment Trends - Foreign capital showed confidence in Chinese assets, with net purchases of domestic stocks and bonds in August, indicating a positive outlook for the market [1] - There is a gradual shift of household savings towards the capital market, creating a sustained source of incremental funds [1][2] Market Dynamics - The market is expected to maintain a steady upward trend amidst fluctuations, with a focus on structural optimization to seize investment opportunities [1] - The current market liquidity remains active, with daily trading volumes exceeding 2 trillion yuan, reflecting a robust market environment [2] Future Outlook - The market is anticipated to experience a slow bull trend, with the foundation for continued strength remaining intact despite short-term fluctuations [3] - The upcoming long holiday may lead to a stabilization in trading activity, but the overall sentiment remains positive with expectations of further market improvements [3]