Venture(US:VEMLY) Xin Lang Ji Jin·2025-10-17 07:42Market Performance - On October 17, the Shanghai Composite Index fell by 1.95%, while the Shenzhen Component Index and the ChiNext Index both dropped over 3% [1] Analysis of Market Conditions - The decline in the three major indices is attributed to the ongoing risks associated with U.S. regional banks, which have revealed potential losses due to loan issues, raising global concerns about the stability of the financial system. This, combined with uncertainties from U.S.-China trade tensions, has led to a significant tightening of market risk appetite [2] - The rapid increase in gold prices reflects market vigilance towards a potential credit crisis, further suppressing equity asset performance. Additionally, some previously popular sectors in the A-share market have seen substantial gains, prompting profit-taking amid a lack of clear market direction, particularly affecting growth sectors like electric equipment and electronics [2] Domestic Financial Environment - September financial data presents a mixed signal of overall positivity and structural concerns. The M1 growth rate rebounded significantly to 7.2%, indicating enhanced corporate liquidity and improved economic vitality. However, the year-on-year growth of new social financing and credit remains weak, with household loans still lagging and corporate medium to long-term demand needing improvement, suggesting that the recovery of the real economy is not yet solid [2] - A significant decrease in non-bank deposit increments may indicate a slowdown in the willingness of new funds to enter the market, although this could also be related to high year-on-year comparisons and seasonal financial adjustments [2] Market Outlook - In the context of external risks and internal structural transitions, the A-share market may continue to experience a volatile pattern in the short term, with accelerated sector rotation. However, in the medium to long term, the stabilization of the economic fundamentals and deepening capital market reforms are expected to support the recovery of A-share valuations [3] - Defensive sectors such as dividend strategies and essential consumption, which have previously underperformed, may present valuation advantages. Additionally, technology growth sectors like new energy and semiconductors may gradually reveal medium to long-term investment value following recent adjustments. Investors are advised to consider a "core + satellite" strategy, focusing on low-valuation dividend sectors with strong cash flow for core holdings, while opportunistically investing in policy-supported technology leaders for satellite positions [3]