A股调整后方向何在？多家公募解读！

Core Viewpoint - The recent market correction, particularly in optical module and chip stocks, has led to significant adjustments in major indices, causing uncertainty among investors regarding the continuation of the rally or its conclusion [2][3] Market Adjustment Analysis - Multiple public funds suggest that the decline on September 4 is a normal adjustment and should not cause panic, as historical trends indicate that market uptrends often involve corrections [3][4] - The adjustment is attributed to profit-taking from previously high-performing technology stocks and external uncertainties, including concerns over the independence of the Federal Reserve following political events in the U.S. [4] - Historical data shows that after significant short-term gains, market corrections are common, with past bull markets experiencing multiple pullbacks [5] Market Phases - The market is currently in the second phase of a broader rally, characterized by structural performance among sectors with growth prospects, leading to increased volatility [6] - The third phase is marked by high valuations and a shift in market drivers from fundamentals to market sentiment and liquidity, potentially leading to a bubble [6] Liquidity and Investor Behavior - Current market liquidity remains adequate, with signs of economic recovery, supporting a stable market foundation [7] - Recent data indicates a significant increase in new investor accounts, reflecting strong interest in equity markets, despite some investors continuing to redeem funds [7][8] Sector Focus and Investment Strategies - Public funds recommend focusing on low-valuation defensive sectors and identifying underappreciated stocks during market corrections [9] - Specific sectors of interest include overseas expansion, new productivity technologies, and value-driven consumer goods, with a long-term view on technology as a key growth driver [10] - The overall sentiment remains optimistic, with expectations that the current adjustment will facilitate a more stable and sustainable market environment moving forward [10]