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Core Viewpoint - The recent fluctuations in the stock market are primarily driven by regulatory changes affecting technology stocks and escalating trade tensions between China and the U.S. Market Performance - On October 9, the Shanghai Composite Index broke through the 3900-point mark, reaching a new high of 3936 points, but subsequently fell by 0.94% to close at 3897 points on October 10 [2][3]. - The trading volume on October 10 was 7.19 billion shares, with a total turnover of 1.132 trillion yuan [2]. Regulatory Impact - A significant factor for the market's decline on October 10 was the announcement that several brokerages would adjust the margin trading collateral for stocks like SMIC and BVI Storage to zero, reflecting a regulatory requirement for stocks with a static P/E ratio exceeding 300 [5][3]. - This regulatory action is seen as a response to high valuations in the tech sector, which has been experiencing a substantial increase, with the semiconductor sector up 57.19% year-to-date [5]. Trade Tensions - On the night of October 9, China announced a series of export controls on critical materials, including rare earths and lithium batteries, in response to U.S. trade policies [5][6]. - The U.S. has threatened to impose additional tariffs on Chinese goods, which is expected to negatively impact the market, although the severity of this impact is debated [22][26]. Market Sentiment - Despite the negative news, there is a belief that the market may not experience a severe downturn similar to previous instances, as many investors anticipate a recovery following the initial drop [26][28]. - The upcoming trading week is expected to see a decline, but it is viewed as a potential buying opportunity, with expectations that the market will stabilize and eventually break through the 4000-point level [28][29]. Sector Rotation - The current market dynamics suggest a rotation between technology stocks and blue-chip stocks, with the latter expected to support the index during the upcoming fluctuations [31].