短期调整难改长期向好，市场上涨逻辑依旧

Core Viewpoint - The recent market downturn in September does not signify the end of the upward trend, as the underlying logic supporting the market's rise remains intact [3][4][8]. Group 1: August Market Performance - The market's rise in August was supported by coordinated fiscal and monetary policies, with M2 growth at 8.8% year-on-year, indicating a high level of liquidity [5][6]. - Government bond issuance reached 8.9 trillion yuan from January to July, accounting for 75% of the annual target, which is significantly higher than the five-year average of 47% [6]. - The central government's budget expenditure increased by 3.4% year-on-year, providing direct financial support to infrastructure and related industries [6][7]. Group 2: Continued Market Support - Despite the September adjustment, the core logic supporting the bull market remains unchanged, with ongoing policy support and expectations of a 25 basis point rate cut by the Federal Reserve [9][10]. - A total of 5424 A-share companies reported a slight revenue increase of 0.02% year-on-year, with net profits rising by 2.45%, indicating a gradual economic recovery [9][10]. - The average daily trading volume in August reached approximately 2.3 trillion yuan, marking a historical high, and remained robust at 2.67 trillion yuan in the first four trading days of September [10]. Group 3: Market Adjustment as an Opportunity - As of September 4, the Shanghai Composite Index had retraced 3.03% from its recent peak, but this remains within a reasonable range compared to the overall gains for the year [12]. - Historical data suggests that market pullbacks often present new investment opportunities, particularly for previously sidelined funds [12][14]. - The current equity-to-bond yield ratio stands at 4.02, indicating that the stock market remains attractive relative to the bond market, historically suggesting positive performance ahead [12][14].