【机构策略】A股市场总体上维持着结构性行情

Core Viewpoint - The A-share market is experiencing a period of oscillation around the 4000-point mark on the Shanghai Composite Index, influenced by various factors including changes in US-China relations and liquidity concerns in overseas markets [1][2] Group 1: Market Conditions - The Shanghai Composite Index is currently in a consolidation phase, primarily due to short-term profit-taking pressures from funds and a lack of consensus among market participants [1] - The market is characterized by a structural performance under the index's oscillation, with rapid rotation among various sectors [2] - The current environment is conducive to "small-cap + thematic investment" strategies, as the market is in a performance vacuum with weak fundamental guidance [1] Group 2: Influencing Factors - Recent concerns over tightening overseas liquidity and fears surrounding AI business models have dampened market risk appetite [2] - The 4000-point level on the Shanghai Composite Index serves as both a technical and psychological barrier, necessitating repeated oscillation to digest this level [2] - The fourth quarter is a critical period for institutional portfolio rebalancing, particularly following a dominant tech style in the market [2] Group 3: Future Outlook - The market is expected to maintain its current state, with a focus on new leading themes as funds may shift towards more aggressive strategies [1] - Attention is drawn to upcoming US economic data and potential changes in interest rate expectations, which could further influence market dynamics [1]