A股为何调整？下行空间有多大？多家基金火线解读！

Market Overview - The A-share market experienced a collective decline on October 14, with the ChiNext index dropping nearly 4% and the Sci-Tech 50 index falling over 4% [3] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index fell by 2.54% to 12895.11 [4] Reasons for Market Adjustment - The market adjustment is attributed to multiple factors, including escalating Sino-U.S. trade tensions, technical adjustment pressures, and complex international geopolitical situations [7][8] - Investors are showing caution due to profit-taking from previously high-performing sectors, particularly in the technology space, which has seen significant gains recently [7][8] Market Outlook - Despite the recent downturn, the market's downward space is considered limited, with a favorable policy window expected in late October [9][10] - The upcoming 20th National Congress is anticipated to provide clarity on economic development strategies, which could boost market sentiment [11] Long-term Market Sentiment - Fund companies maintain a positive long-term outlook for the A-share market, emphasizing that the foundation for a bull market remains solid [12][13] - The focus is expected to shift towards internal drivers, with an emphasis on policy benefits from the 14th Five-Year Plan and the certainty of third-quarter earnings [13]