Zhongyuan Securities·2025-09-18 10:48Market Overview - On September 18, the A-share market experienced a wide fluctuation, with the Shanghai Composite Index facing resistance around 3899 points and closing at 3831.66 points, down 1.15%[2][8] - The Shenzhen Component Index closed at 13075.66 points, down 1.06%, while the ChiNext Index fell by 1.64%[8][9] - Total trading volume for both markets reached 31,670 billion yuan, above the median of the past three years[3][14] Sector Performance - Strong performers included automotive services, tourism hotels, pharmaceutical commerce, and consumer electronics, while sectors like securities, internet services, software development, and non-ferrous metals lagged[3][8] - Over 80% of stocks declined, with notable inflows in tourism hotels, automotive services, and pharmaceuticals, while sectors like securities and internet services saw significant outflows[8][10] Valuation and Investment Strategy - The average P/E ratios for the Shanghai Composite and ChiNext are 15.80 and 50.16, respectively, above the median levels of the past three years, indicating a suitable environment for medium to long-term investments[3][14] - The government is focused on consolidating economic recovery, with supportive policies for consumption and real estate, which are expected to bolster market stability[3][14] Future Outlook - The market is anticipated to present new investment opportunities amid fluctuations, with a recommendation for investors to remain cautious and avoid blind chasing of highs[3][14] - Short-term investment opportunities are suggested in sectors such as semiconductors, consumer electronics, wind power equipment, and automotive services[3][14]