智通财经网·2026-02-08 11:20Core Viewpoint - The recent adjustment in the A-share market is primarily driven by internal factors, such as proactive cooling measures and a sell-off in broad-based ETFs, while external factors include political actions by Trump, the change in the Federal Reserve chair, geopolitical tensions in Iran, and a decline in global AI stock preferences. Despite these disturbances, the fundamental industry outlook in China remains intact, and the market sentiment has sufficiently released, suggesting a potential continuation of the spring rally after the Spring Festival [1][2][9]. Internal Factors - The proactive cooling measures by regulators have led to a sell-off in broad-based ETFs, resulting in a temporary decline in market risk appetite. Some thematic sectors have experienced speculative bubbles, prompting the China Securities Regulatory Commission to implement "counter-cyclical adjustments" [9][11]. - The adjustment is viewed as phase-specific, with the proactive cooling measures nearing completion and seasonal factors related to the Spring Festival and the Two Sessions expected to support market recovery [2][11]. External Factors - External disturbances, including Trump's political actions, the new Federal Reserve chair's policy expectations, and geopolitical tensions in Iran, have amplified the adjustment pressure. However, these factors are not expected to have a long-term impact on the A-share market due to its weak correlation with global markets [9][11][13]. - The current external disturbances do not possess the necessary conditions to transmit long-term impacts to the A-share market, as they primarily pertain to financial and political short-term disruptions rather than fundamental changes in supply chains or demand [13][15]. Market Sentiment and Liquidity - Market sentiment has sufficiently cooled, with a significant reduction in trading volume and a drop in the Shanghai Composite Index below its 20-day moving average. This indicates that the previously overheated market sentiment has been effectively resolved [18][20]. - The sell-off in broad-based ETFs has shown signs of easing since January 30, which is expected to improve the independent funding environment of the A-share market [15][18]. Industry Focus and Investment Opportunities - Key sectors to focus on include AI computing power, chemicals, electric equipment, and energy storage, with potential investment opportunities arising from upcoming policy signals from local Two Sessions and the national Two Sessions [20][28]. - The AI computing power sector is expected to see significant capital expenditure increases, with major companies like Meta, Google, Amazon, and Microsoft planning substantial investments in AI infrastructure [20][21]. - The chemical sector is experiencing a valuation recovery driven by price increases in various sub-sectors, with leading companies in PET, polyurethane, and other chemical products becoming focal points for investment [24][25]. - The energy storage industry is benefiting from both domestic and international demand, particularly from AI-driven data center projects in North America, highlighting its critical role in power solutions [28][29].