震荡调整后市场或如何演绎？

Report Investment Rating - No investment rating for the industry is provided in the report. Core Viewpoints - Despite short - term market adjustments, the medium - term trend has not reversed, and neither the index nor the technology sector has reached a stage high. The market may experience a turning point due to potential policy and external event catalysts [5]. - In the short - term high - volatility stage, it is advisable to focus on the differences in capital flow between sectors. High - dividend sectors are becoming the main short - term safe - haven direction for funds [5]. - In September, the short - term strategy should focus on defense and stable returns. Consider high - dividend and cyclical sectors, and pay attention to the mid - term allocation opportunities of technology and brokerage sectors after their corrections [6]. Summary by Directory Market Review - Market Performance: Last week, most major market indices declined, with the ChiNext 50 having the largest increase of 3.42%. Among major industries, the healthcare and materials indices performed relatively well, while the information technology and financial indices performed weakly. Among the 30 Shenwan primary industries, 8 industries rose, with power equipment, non - ferrous metals, and pharmaceutical biology having larger increases, and national defense and military industry, computer, and non - bank finance having larger declines [7][8][13]. - Trading Heat: The average daily trading volume of the Wind All - A last week was 26032.01 billion yuan (previous value: 29831.31 billion yuan), at a historically extremely high level (98.60% of the three - year historical quantile) [7][18]. - Valuation Tracking: As of September 5, 2025, the valuation (PE_TTM) of the Wind All - A was 21.87, down 0.28 from the previous week, at the 88.80% quantile of the past 5 - year history. Thirteen out of 30 Shenwan primary industries saw a recovery in valuation (PE_TTM) [7][25]. Market Observation - Analysis of Market Trends after Volatility and Adjustment: Recently, the A - share market has adjusted, showing the fragility of the capital side. Leveraged funds have expanded rapidly, long - term funds have withdrawn, and industrial capital has cashed in on profits. However, the medium - term trend remains positive, with potential policy and external event catalysts expected to be key turning points. During the short - term high - volatility period, the capital flow differences between sectors are notable, and high - dividend sectors are favored by funds [5]. - Investment Recommendations: In September, the short - term strategy should focus on defense and stable returns. Consider sectors with cyclical and high - dividend characteristics, such as coal and non - ferrous metals. The high - dividend sector and the bond market can be included in the portfolio. For the previously high - flying technology and brokerage sectors, their corrections after a rebound could present mid - term buying opportunities, as potential events in October may improve market sentiment [6]. Economic Calendar - This week, important domestic economic data include August export and import data, social financing scale stock, and money supply data. Overseas economic data include August PPI, CPI, and the preliminary September Michigan Consumer Sentiment Index [27].