持续上涨半年后，A股大盘进入调整阶段

Core Viewpoint - The A-share market experienced a significant decline this week, influenced by both overseas market trends and the need for internal adjustment after a substantial rise earlier this year [1][8]. Market Performance - The Shanghai Composite Index opened at 3988.56 points and fell sharply, closing at 3834.89 points on Friday, down 96 points or 2.45% for the day. The weekly decline was 155 points, representing a 3.9% drop [4]. - The Shenzhen Component Index opened at 13200.54 points and closed at 12538.07 points on Friday, with a daily drop of 3.41% and a weekly decline of 5.13% [4]. - The ChiNext Index opened at 3097.34 points and fell 4.02% on Friday, closing at 2920.08 points, marking a weekly decline of 6.15% [6]. - The STAR 50 Index dropped 5.54% this week, while the North Star 50 Index saw a significant decline of 9% [8]. Causes of Decline - The decline in A-shares was partly due to the performance of overseas markets, with the South Korean market down over 3% and the Japanese market down over 2%. The U.S. market also showed a continuous decline, with the Nasdaq Index down over 3% as of Thursday [8]. - The A-share market's lack of independence in this downturn indicates significant profit-taking pressure from the recent rally, which saw the Shanghai Composite Index rise nearly 1000 points from a low of 3040.69 to a high of 4034.08 [8][9]. Adjustment Phase - Following a six-month period of continuous growth, the market has entered an adjustment phase, which is considered normal after such substantial gains. The STAR 50 Index has been in a correction for seven weeks, with a total decline of about 20% from its peak [8][10]. - The Shanghai Composite Index had previously shown strength without significant corrections, but the recent downturn reflects a shift in market dynamics, with both dividend stocks and technology stocks declining simultaneously [9].