天风证券：A股近期调整为攻坚牛蓄力，后续关注交易热度回升

Core Viewpoint - The recent adjustment in A-shares is seen as a consolidation phase for a bullish market, with a focus on the recovery of trading activity in the future [1] Group 1: Market Trends - The market has experienced a rotation since November, moving through different phases including mainline trends, large-cap value, and sentiment indices/micro-boards [1] - Trading activity has decreased from a high of 12% in October to around 10% recently, indicating a potential decline in financing balance [1] Group 2: Future Outlook - Based on past experiences from December 2024 to January 2025 and March to April 2025, a decline in trading activity typically precedes a drop in financing balance [1] - The next month may be a consolidation period, with attention on confirming the bottom of trading activity [1] Group 3: Industry Recommendations - The third phase of the "Saidian 2.0" initiative is expected to face challenges, and fluctuations are likely [1] - Emphasis is placed on the importance of the Hang Seng Internet sector [1]