A股崩了！全市场超4300股下跌，到处都是泡沫，破裂警报拉响！

Group 1 - The A-share market experienced a significant decline, with major indices dropping: Shanghai Composite Index fell by 1.11%, Shenzhen Component Index by 1.51%, and ChiNext Index by 2.1%, with over 4,300 stocks closing in the red, representing more than 90% of the market [1] - Analysts pointed out that the current market downturn is a result of accumulated "virtual fire" from speculative trading in AI concepts, micro-cap stocks, and high-valuation tech sectors, indicating a lack of solid economic data to support the market [3][5] - The technology sector was identified as the first domino to fall in this sell-off, with a Goldman Sachs report suggesting that the biggest opportunities in the stock market next year will not be in AI, leading to a rapid decline in previously crowded AI trades [3] Group 2 - Global risk appetite is reversing, with upcoming U.S. employment and inflation data raising concerns about the Federal Reserve potentially re-evaluating interest rate hike expectations, prompting investors to retreat from high-valuation, low cash flow assets [5] - The current market decline is viewed as a reckoning for "false prosperity," highlighting that price increases without earnings support, such as in micro-cap stocks and AI concepts, are unsustainable [5][6] - The A-share market is at a crossroads between confidence and reality, with a need for effective policy signals to restore economic expectations; otherwise, reliance on sector rotation or emotional trading may not prevent further declines [6]