Group 1 - The core viewpoint is that the short-term market correction is primarily driven by profit-taking, following a significant rise in the A-share market since early April, with substantial gains and concentrated selling pressure during fluctuations [1] - The technical indicators for the Shanghai Composite Index have reached high levels after a prolonged increase, necessitating a technical pullback for indicator recovery, which contributes to the short-term volatility [1] - Recent overseas market turbulence, including fluctuations in European, American, and Asian markets, has indirectly influenced the A-share market, leading to a similar pattern of highs and subsequent pullbacks [1] Group 2 - The outlook suggests that while short-term fluctuations may continue, they do not alter the overall upward trend, supported by ongoing liquidity easing and a favorable low-interest-rate environment [2] - The technical analysis indicates that the current short-term fluctuations are part of a strong upward trend, characterized by a pattern of advancing and retreating prices without significant changes in the overall trend [2] - The short-term selling pressure is mainly from profit-taking rather than forced selling, indicating a healthy market cycle where average costs are gradually increasing, making the current fluctuations reasonable and necessary [2]
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申万宏源证券上海北京西路营业部·2025-09-04 02:32