A股短期调整可能是回踩，接下来关键是“等待与准备”

Market Overview - The A-share market continues to experience downward pressure, influenced by negative sentiment from external markets, including declines in Japanese and Hong Kong stocks [1][8] - Consumer stocks showed some resilience, with real estate stocks experiencing temporary gains, but overall market sentiment remains weak, leading to limited rebound strength [1][5] Key Factors Affecting the Market - The decline in the A-share market is attributed to several factors: the widespread drop in technology stocks globally, rising expectations of interest rate hikes by the Bank of Japan, and structural contradictions within the domestic market [1][8] - The market is facing a lack of clear leading sectors, with frequent rotation of hotspots and insufficient profit-making opportunities [1][8] - As the year-end approaches, institutional investors may engage in tactical rebalancing to lock in profits, contributing to market volatility [1][8] - There is a notable lack of willingness from new capital to enter the market, with trading volumes remaining low at around 1.7 trillion yuan [1][8] Policy Support and Market Outlook - Despite the current market adjustments, there is no need for excessive concern as core supporting factors remain unchanged: the central bank has indicated a flexible approach to maintaining liquidity through tools like reserve requirement ratio cuts and interest rate reductions [2][9] - The National Development and Reform Commission is implementing various measures to stabilize investment, which serves as an important support for the market [2][9] - The upcoming focus is on "waiting and preparing," particularly in anticipation of the Bank of Japan's interest rate decisions, which may signal market stabilization [2][10] Investment Strategy Recommendations - Investors are advised to review their portfolio structures and optimize allocation towards sectors with strong policy support and clear growth prospects [2][10] - Maintaining liquidity is crucial for potential buying opportunities as the market approaches the New Year and spring season [2][10] - It is recommended to focus on sectors such as technology growth (semiconductors, AI themes, robotics), cyclical industries (solar energy, batteries, chemicals), and dividend stocks (banks, utilities) while avoiding high-valuation stocks lacking earnings support [2][10]