AI主线推力减弱，多头继续“等待”消息面明朗

Core Viewpoint - The A-share market is experiencing a downward shift in momentum, primarily influenced by the diminishing appeal of the AI hardware sector, despite initial gains in the ChiNext Index due to strong performance in AI-related stocks [3][9]. Group 1: AI Sector Developments - The AI sector has received two new catalysts: the introduction of new performance regulations for public funds and the announcement allowing NVIDIA to sell H200 chips to China, which is expected to boost AI infrastructure investments [4][10]. - The new fund performance rules emphasize that fund managers must not underperform their benchmarks by more than 10% to avoid salary cuts, leading to a more pronounced "herding" strategy among funds [4][10]. - The announcement regarding H200 chips is anticipated to increase orders for companies within NVIDIA's supply chain, contributing to a positive outlook for related stocks [4][10]. Group 2: Market Sentiment and Trading Volume - Overall trading sentiment in the A-share market is low, influenced by global markets awaiting clarity on the Federal Reserve's interest rate decisions, which is causing a wait-and-see approach among investors [5][11]. - Despite a rebound in trading volume to 2 trillion yuan on Monday, it quickly fell to 1.9 trillion yuan on Tuesday, indicating a potential contraction in short-term trading activity [5][11]. - The low trading volume suggests that the market may continue to experience downward pressure, affecting short-term price movements [5][11]. Group 3: Stability from Low-Volatility Dividend Stocks - Low-volatility dividend stocks, such as Agricultural Bank of China and Industrial and Commercial Bank of China, have shown resilience, with respective increases of 2.55% and 1.38%, indicating a stabilizing force in the market [6][12]. - The performance of these large-cap bank stocks suggests that patient capital is actively supporting the market, implying limited downside potential for major indices despite the current lack of upward momentum [6][12].