继续等待更好的布局机会

Investment Focus - The report indicates that the market may enter a critical pullback after reaching new short-term highs, but the rally continued with A-shares rising 1.1% and the Hang Seng Index increasing by 0.9% due to the stablecoin theme boosting brokerages [1][7] - The financial sector's share of A-share turnover increased from 5.5% on July 1 to 12% on July 11, while the share of the CSI 2000 continued to decline [1][7] Market Dynamics - The current rally since the "Liberation Day" was initially led by new consumption and innovative pharmaceuticals, with Hong Kong stocks outperforming, followed by a takeover by large financials, resulting in A-shares outperforming Hong Kong [2][8] - The Hang Seng Tech Index and STAR 50 peaked in early May and are currently consolidating, awaiting new catalysts [2][8] Liquidity and Capital Flows - A-shares have shown stronger short-term liquidity compared to tightening liquidity in Hong Kong, with margin financing continuing to grow [2][8] - Southbound net inflows rebounded to HKD 26.4 billion, with significant buying in financials, semiconductors, healthcare, and staples, while trimming positions in communication services [3][10] IPO Activity - Huadian New Energy is expected to list next week, raising RMB 15.8 billion, which is significantly higher than the average weekly IPO issuance expected in 2025 [4][11] Market Outlook - The report suggests that the market remains in a wide consolidation range and may enter a near-term pullback before attempting another breakout [4][12] - If a correction phase occurs, it is recommended to avoid sectors that have rallied sharply, such as banks and innovative pharmaceuticals, while considering opportunities in large-cap blue chips during significant corrections [4][12]