午后大反攻！原因找到了？

Market Overview - Bitcoin's sharp decline on Monday triggered a "Black Tuesday" in US stocks, impacting the Asia-Pacific markets, with Japan and South Korea experiencing a drop of 4% at one point [1] - However, A-shares staged a strong rebound in the afternoon, led by energy storage and new energy sectors, with significant gains in electric power and grid stocks, as well as solar and lithium battery concepts [1] Key Drivers - The primary catalyst for the global market turmoil is believed to be "tight US dollar liquidity" combined with high valuations in tech stocks, exacerbated by a major short seller targeting Palantir and Nvidia [1] - As signs of a resolution to the US government shutdown emerged, along with a rebound in Japanese and South Korean markets, domestic liquidity easing and relatively low valuation levels contributed to the afternoon surge in Hong Kong and A-shares [1] Short Selling Activity - Notable short seller Michael Burry's Scion Asset Management disclosed a significant position, with 80% of its portfolio in put options for Palantir and Nvidia, indicating a bearish outlook on these tech stocks [2][3] - Burry's commentary suggests a belief that the market has overestimated short-term demand for AI, leading to bubble-level capital investments, while the underlying growth engine is slowing [12] A-Share Market Performance - A-shares saw a volume-reduced rebound, with all three major indices turning positive in the afternoon; the Shanghai Composite Index rose by 0.23% and the ChiNext Index increased by 1.03% [14] - The energy storage and new energy sectors led the gains, with data from the National Energy Administration indicating that China's new energy storage capacity exceeded 100 million kilowatts, ranking first globally [14] ETF Inflows - Significant inflows were observed in various ETFs, with the top three being A500 ETF (7.89 billion), Hang Seng Technology ETF (4.28 billion), and Electric Grid Equipment ETF (4.05 billion) [16] - The overall estimated net inflow into the Shenzhen market ETFs reached 50.4 billion [14] Liquidity Concerns - Recent data indicated a surge in the Federal Reserve's overnight repurchase agreements, reaching 29.4 billion, and the usage of the Standing Repo Facility (SRF) peaked at 50.35 billion, raising concerns about liquidity [18][19] - The ongoing US government shutdown has been identified as a key factor contributing to the liquidity crunch, with expectations of a resolution potentially alleviating these concerns [24]