市场回调，多家公募解读！

Core Viewpoint - The recent market adjustment is seen as a normal correction, and investors should not panic as it reflects the process of risk release after rapid gains [1][3][6]. Market Adjustment Analysis - Multiple public funds indicate that the decline on September 4 is a typical adjustment, with no need for alarm [3]. - The technology sector, which had significant gains, is facing technical adjustment pressures, leading to profit-taking [3]. - Historical data shows that after a rapid increase of over 30% in major indices, market corrections are common [3]. - The current market is in a second phase of a rally, with valuations not yet reaching bubble levels [6]. Market Dynamics - The market is experiencing a shift from high-valuation growth sectors to low-valuation defensive sectors, reflecting increased risk aversion among investors [9]. - The number of new A-share accounts opened in August reached 2.65 million, indicating strong interest from retail investors [6][7]. Investment Focus - Public funds suggest focusing on low-valuation stocks with solid fundamentals, such as those in the outbound concept, consumer sector, and reasonably valued new productivity concepts [1][9]. - Specific sectors to watch include outbound manufacturing, new technologies, and value-driven consumption [10]. Future Outlook - The overall trend remains optimistic, with a focus on long-term investments in technology and new productivity developments [11]. - The adjustment phase is viewed as a necessary consolidation that will benefit the A-share market in the long run [11].