市场或再度震荡回调蓄势

Group 1 - The report indicates that the market has experienced a clear correction and is expected to enter a consolidation phase after a brief rebound, building momentum for future gains. The Hang Seng Index rose by 1.4%, the Hang Seng Tech Index by 1.2%, and the Shanghai Composite Index by 2.1% to a recent high [1][8]. - The implementation of "reciprocal tariffs" by the U.S. has created uncertainty for various trading partners, particularly Japan, which faces higher tariffs due to inconsistent communications from the U.S. This situation adds to the trade uncertainty affecting companies in the automotive sector [2][9]. - China's July CPI remained flat year-on-year, while PPI fell by 3.6% year-on-year, indicating ongoing deflationary pressures. The report emphasizes the need for stronger demand-side stimulus and stabilization of the property chain to achieve a more solid improvement in PPI [3][10]. Group 2 - In the Hong Kong market, short-selling turnover has decreased to 14%, below the historical average, while southbound capital inflows fell to RMB 21.8 billion. Large-cap internet stocks like Alibaba, Tencent, and Xiaomi saw significant inflows of RMB 2-3 billion each [3][11]. - The A-share market has shown high-level consolidation with slight volume contraction. The banking sector rebounded, providing support to the index, while margin financing recorded a net inflow of RMB 33.2 billion, marking a third consecutive week of large inflows [4][12]. - The report concludes that after the recent correction, the market is expected to re-enter a consolidation phase to build momentum for subsequent gains, with a focus on the persistence of southbound inflows and leveraged capital in the A-share market [4][13].