市场周报：逐步回归正轨

Market Adjustment - The market experienced a significant adjustment, with major indices declining: Shanghai Composite Index closed at 3,217.74 points, down 3.56% for the week, with a trading volume of 4,386.946 billion yuan; Shenzhen Component Index at 10,060.74 points, down 4.45%, with a trading volume of 5,719.825 billion yuan; and the ChiNext Index at 2,611.30 points, down 3.40%, with a trading volume of 3,016.522 billion yuan [2][11][15]. - The overall market correction is seen as a normal adjustment following a period of rapid gains, indicating that excessive market enthusiasm can accumulate risks. After a quick cooling, the market is expected to stabilize and return to a healthier trajectory [2][11][15]. Investment Window - The significant market adjustment is viewed as an emotional correction that does not alter the upward trend of the market, providing long-term investment opportunities. Technology stocks have shown strong performance, while consumer stocks have faced larger declines [2][15]. - The market is beginning to show signs of differentiation, with structural opportunities emerging as the market stabilizes. Long-term investment strategies should focus on sectors with favorable performance and valuation [2][15]. Valuation Recovery Potential - The overall A-share market has a price-to-earnings (P/E) ratio of 17.81, with the ChiNext at 50.83, indicating that there is still room for valuation recovery despite a significant rebound in overall valuation levels [2][19]. - The sectors showing better performance include electronics and banking, while media and real estate sectors have underperformed. The market is characterized by volatility and differentiation, with a clear need for strategic adjustments in investment approaches [2][15][19]. Gradual Return to Normalcy - The market environment is improving, with strong support from domestic policies and economic measures. The trend of potential U.S. interest rate cuts remains unchanged, contributing to a favorable long-term outlook for the market [2][20]. - The strategy should shift from trading to investment, focusing on high-quality assets, particularly in technology and high-dividend sectors, which are expected to provide good long-term value [2][20].