【机构策略】预计中期A股市场或仍延续慢牛格局

Group 1 - The core viewpoint is that the A-share market is expected to maintain a slow bull pattern in the medium term, with a tendency for a "post-holiday rally" following the National Day holiday, despite typical liquidity contraction before the holiday [1] - Citic Securities notes that the current A-share market is not in an irrationally overheated state, indicating a bull market that may not have ended but is entering a critical phase of fundamental testing and style switching [1] - The breadth of the market is still high, with no signs of divergence between index highs and breadth, suggesting that the current rise is supported by a wider range of stocks rather than just a few large-cap stocks [1] Group 2 - Ping An Securities highlights that market volatility may increase due to capital speculation before the National Day holiday, but major indices remain in a high-level consolidation, with trading volume staying above 2 trillion yuan [2] - Following the holiday, the return of capital is expected to create upward potential in the market, with the technology sector likely to catalyze more structural opportunities [2]