外部扰动导致市场下跌，耐心等待市场企稳信号

Group 1 - The report indicates that external disturbances have led to a market decline, particularly due to the closure of the Strait of Hormuz, raising concerns about oil supply [2][8] - The A-share market showed resilience in the morning but ultimately closed lower, with all three major indices experiencing declines, highlighting the impact of geopolitical risks on market sentiment [2][5] - Defensive funds have concentrated their investments in sectors like oil and gas, while growth stocks in technology, media, and tourism have faced significant pressure [2][8] Group 2 - The report emphasizes that the recent escalation of the US-Iran conflict has altered market dynamics rather than reversing the underlying bull market [2][8] - It suggests maintaining a watchful stance in the short term, focusing on signals such as the clarification of the conflict, signs of market stabilization, and policy signals from upcoming domestic meetings [2][8] - The report advocates for identifying undervalued quality stocks during market turbulence, positioning for opportunities once the situation stabilizes [3][8]