英大证券：金点策略晨报—每日报告-20240905

Market Overview - The A-share market is expected to see marginal improvement in September, despite a weak domestic economic recovery and lack of substantial overseas liquidity release [1][3] - On September 2, major indices in the A-share market collectively declined, with the Shanghai Composite Index down 1.10% to 2811.04 points, and the Shenzhen Component Index down 2.11% to 8172.21 points [2] Sector Performance - The insurance sector showed significant gains, supported by government policies emphasizing the importance of the insurance industry in improving people's livelihoods and supporting the real economy [2] - The education sector also experienced a counter-trend rise, driven by recent positive performance reports from leading education companies and supportive government policies aimed at enhancing service consumption in education and training [2] Future Market Sentiment - Despite the initial decline in September, there is no need for excessive pessimism regarding the overall market outlook, as there are expectations for marginal improvements [3] - The potential for a Federal Reserve interest rate cut in September is anticipated to increase domestic monetary policy flexibility, which could positively impact market sentiment [3][4] - The release of new policies aimed at economic recovery and the conclusion of mid-year reports are expected to improve market risk appetite [3]