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增量资金入场提振A股,JacksonHole前全球风险偏好或承压

Investment Focus - The market is expected to enter a period of range-bound correction to build momentum for future gains, with Hong Kong equities remaining choppy since July 25, while A-shares have risen due to accelerated inflows from retail and leveraged funds, particularly in the GEM Index [1][7] - Financial data indicates a shift of funds from bank wealth management products into A-shares, with margin financing balances increasing by RMB 45.7 billion in the first four trading days of the week and cumulative inflows reaching RMB 170 billion over the past month, accounting for 10.5% of total A-share turnover, the highest since 2016 [2][8] - In Hong Kong, the lack of foreign inflows has resulted in weaker performance compared to A-shares, with offshore investors remaining cautious due to the need for improvement in China's economic fundamentals and the strong earnings of U.S. tech giants reducing the relative appeal of Hong Kong stocks [3][9] Market Dynamics - The healthcare sector in Hong Kong and the communications sector in A-shares have led recent rallies, with the healthcare sector doubling since its January 2025 low and the communications sector gaining over 40%, including a doubling of CPO names since April [4][12] - The upcoming Jackson Hole Economic Symposium is anticipated to bring caution to U.S. equities, which have been the main leaders of the recent rally, while escalating tariffs on steel and semiconductors add external uncertainty [4][12] - Domestic macro and credit data continue to weaken, necessitating stronger stimulus measures and corporate output cuts to stabilize fundamentals and enhance earnings, which are crucial for sustaining market momentum [4][12]