Chang Sha Wan Bao·2025-09-23 03:15Core Viewpoint - The A-share market has entered an adjustment phase after a rapid rise for about two months, with the Shanghai Composite Index struggling to break the 3900-point resistance and the anticipated 4000-point mark, despite some large-cap tech stocks reaching new highs [1][2]. Group 1: Market Performance - The current "slow bull" market is believed to still be intact, with the A-share market maintaining a trend of oscillating upward since mid-September last year, despite a significant drop on April 7 due to U.S. tariff announcements [1]. - Even with recent fluctuations, trading volume has been gradually increasing, with a notable spike on August 25 when the index hit a ten-year high, and total trading volume remaining above 2 trillion yuan even during lower activity days [2]. Group 2: Investor Sentiment - Ordinary investors may feel discomfort despite the ongoing "slow bull" market, primarily because the current market focus is heavily on the technology sector, leading to a divergence in stock performance where traditional industries are underperforming [2]. - The recent market oscillation may serve as a necessary adjustment after a prolonged period without significant corrections, compounded by the upcoming National Day and Mid-Autumn Festival, prompting some investors to temporarily exit the market [3].