不必悲观！券商发声：相比4月，预计冲击更小！

Core Viewpoint - The A-share market is experiencing fluctuations, particularly in the technology sector, but the medium-term positive outlook remains intact despite recent trade tensions impacting U.S. markets [1][2]. Group 1: Market Analysis - The current index level is higher compared to the adjustment on April 7, indicating a learning effect in the market, with expected lower amplitude in price movements [2]. - Analysts believe that the recent adjustments in the technology sector are due to short-term disturbances and ongoing issues since the A-share market's correction in early September [2]. - Despite the emotional impact of overseas trade uncertainties, the fundamental and liquidity conditions for A-shares remain unaffected, supporting a positive outlook [2][3]. Group 2: Future Expectations - Analysts predict that the A-share market will enter a wide-ranging fluctuation phase in the short term, with corporate earnings expected to stabilize and some sectors showing improvement [3]. - The potential for domestic exports to remain resilient and the possibility of better-than-expected domestic demand improvements could provide new momentum for the market in the fourth quarter [3]. Group 3: Style Rotation - There is a noticeable divergence among research firms regarding future style assessments, with some suggesting a shift towards financials and cyclical stocks, while others maintain that technology will continue to lead [4]. - The recent performance indicates a potential style switch, with a focus on traditional value sectors such as real estate, brokerage, and consumer goods in the fourth quarter [4].