市场走到什么阶段了？

Group 1 - The market experienced a slight pullback, raising concerns among investors about whether three disruptive factors could change the market direction [3] - The first disruptive factor is the central bank's operation of 1.1 trillion yuan in the open market, which is significant and involves a buyout reverse repurchase. This action has reduced the probability of expected policy measures such as reserve requirement ratio (RRR) cuts and interest rate reductions, leading to some disappointment in the market [3] - The second factor is the depreciation of the RMB, which has reached approximately 6.99, potentially indicating obstacles in the capital inflow process [4] - The third factor is an article published in the People's Daily by a writer typically representing the highest level of authority, which cautions local governments to tailor their economic initiatives to actual conditions, discouraging one-size-fits-all approaches and superficial projects. This statement may dampen the enthusiasm for aggressive local investment, causing concerns among investors about the expected strength of policy measures [4]