大震荡！关键时间节点上市场行情将如何切换？

Core Viewpoint - The article emphasizes that the current market dynamics indicate a continuation of the bull market, driven by technology stocks and government support, despite recent volatility and sector rotation [2][5][20]. Market Dynamics - Recent market fluctuations are seen as a normal reaction following a period of continuous index growth, with significant adjustments occurring in popular technology stocks [3][5]. - The market is at a critical juncture, with uncertainty about whether it will decline further or continue upward, albeit with sector shifts [3][21]. Fund Flows and Liquidity - There is still an influx of incremental capital into the market, with a significant amount of household savings poised to enter [6][12]. - As of July, household deposits reached 160 trillion, indicating a high ratio compared to total market capitalization during past bull markets [12][14]. - The current leverage levels in the market are different from those in 2015, suggesting a more stable environment for growth [9]. Government Support - The government currently shows no intention to suppress the stock market, contrasting with the actions taken during the 2015 bull market [18]. - Government-controlled banks are expected to intervene to stabilize the index if necessary, making significant declines in the Shanghai Composite Index less likely [18][20]. Sector Rotation - The article notes that sector rotation is a common occurrence in the A-share market, with previous trends indicating that popular sectors eventually face corrections [21]. - Current hot sectors include AI computing and robotics, which are expected to experience volatility but maintain an upward trajectory in the long term [22][23]. - Other sectors, such as consumer and non-bank financials, are also highlighted as potential areas for investment, especially with upcoming policy changes and traditional consumption peaks [24]. Investment Strategy - Investors are advised to focus on core stocks with strong industry logic rather than chasing various hot topics, as this approach may yield better results amid market fluctuations [26]. - The article suggests that maintaining a diversified portfolio of key sectors will help navigate the ongoing bull market effectively [26].