券商晨会精华 | 对于弱美元逻辑的过度依赖将意味着牛市行进中需要一次换挡

Market Performance - In September, the market exhibited a pattern of initial gains followed by a decline, ultimately showing a fluctuating upward trend, with all three major indices closing higher for the month [1] - The ChiNext Index rose over 12%, reaching a three-year high, while the Sci-Tech 50 Index increased by over 11%, marking a nearly four-year high [1] - On the last trading day before the holiday, the trading volume in the Shanghai and Shenzhen markets reached 2.18 trillion yuan, an increase of 20 billion yuan compared to the previous trading day [1] Sector Performance - The market saw active fluctuations in various sectors, with the non-ferrous metals and storage chip sectors leading in gains, while the liquor and large financial sectors experienced notable declines [1] Investment Insights - Guojin Securities indicated that an over-reliance on the weak dollar logic may necessitate a shift in the ongoing bull market, suggesting that investors should prepare for changes based on both global driving forces and domestic developments [2] - Guosheng Securities projected that overall liquidity is expected to remain loose, with the weighted average interest rate for seven-day pledged repos likely to continue operating around 1.4% to 1.5% [3]