五大因素导致近期市场回调，短期回踩不改中期慢牛格局

Core Views - Recent market adjustments are attributed to a divergence in market styles, with high-flying technology stocks experiencing volatility while undervalued large-cap stocks perform relatively well [2][15][16] - The market is currently in a phase of cautious sentiment, influenced by factors such as tightening liquidity, upcoming earnings reports, and external uncertainties like U.S. tariffs on China [3][16][19] Market Overview - The A-share market has seen a decline, with the Shanghai Composite Index dropping by 0.40%, the Shenzhen Component by 0.75%, and the ChiNext Index by 1.12% over the past week [7][19] - The total trading volume across the two exchanges was 11,190 billion, indicating a significant reduction in market activity [6][19] Sector Performance - The healthcare sector has shown resilience, with pharmaceutical stocks gaining traction due to their low valuations and potential for recovery in 2025 [8][9] - Precious metals have seen renewed interest as investors seek safe-haven assets amid rising global trade tensions and declining inflation rates [9][10] - Chemical stocks experienced fluctuations, with some segments like titanium dioxide seeing price increases, but overall performance remains mixed [10][11] Future Outlook - The market is expected to continue its phase of adjustment, with potential opportunities for low-cost acquisitions as conditions stabilize [4][17] - Short-term pressures on small-cap stocks are anticipated, while large-cap stocks with stable dividends may continue to attract investment [4][17][18] - The industrial machinery sector is highlighted as a promising area for investment, supported by government policies aimed at enhancing manufacturing capabilities [14][18]