如何看待近期市场的调整？| 每周研选

Core Viewpoint - The recent global financial market is dominated by risk aversion, leading to widespread sell-offs in risk assets, including major stock markets and commodities, with A-shares also experiencing adjustments [1] Group 1: Market Adjustments - The A-share market has seen significant adjustments, with the Shanghai Composite Index falling below 3900 points, particularly in sectors like new energy, photovoltaic, and power equipment [1] - The current market adjustment is viewed as a short-term disturbance rather than a fundamental change in the upward trend of the Chinese stock market, driven by macroeconomic recovery and improved corporate fundamentals [7][11] Group 2: Investment Opportunities - The early release of risks in the market presents an opportunity for investors to reallocate assets towards A-shares and Hong Kong stocks, particularly for those looking to position for 2026 [3] - After the current adjustments, the spring market is expected to be more promising, with technology growth likely to be a key theme [4][19] Group 3: Sector Performance - Defensive sectors such as banking and insurance are expected to show resilience during the current market turbulence, while high-dividend stocks and consumer goods may present rotation opportunities [10] - The AI sector's current phase is seen as just beginning, with significant growth potential remaining, as the market transitions from hardware to application layers [15] Group 4: Future Outlook - The market is anticipated to stabilize post-adjustment, with a potential recovery in Chinese assets driven by internal factors such as new economic momentum and clear policy direction [9][18] - The historical pattern suggests that the current adjustments align with typical seasonal fluctuations, with expectations for a spring rally to commence soon [16]