A股后市怎么走？券商最新研判来了

Group 1 - The core viewpoint is that the probability of a Federal Reserve interest rate cut has decreased, leading to global liquidity contraction and a collective pullback in tech stocks represented by AI in the US market, which adds pressure to global stock markets, including A-shares [2][4] - Some brokerages believe that the current market pullback is still in its initial stage and recommend maintaining a wait-and-see approach for better opportunities, while others think that the adjustment space is limited and presents a good opportunity for positioning in the next phase of the market [2][6] Group 2 - The adjustment in the A-share market is attributed to both external factors and internal pressures, including global liquidity tightening and concerns over an "AI bubble" affecting tech stocks [4][5] - The recent drop in the US stock market was influenced by stronger-than-expected non-farm payroll data, which lowered the expectations for a December rate cut, leading to significant declines in major indices such as the Nasdaq, S&P 500, and Dow Jones [5] - The decline in lithium carbonate futures has also contributed to a downturn in the new energy sector, reflecting broader market trends [5] Group 3 - There is a divergence in opinions among institutions regarding the future direction of the market, with some being cautious about the AI sector's performance in the Asia-Pacific region, predicting continued pressure in the fourth quarter [6][7] - Other brokerages, like Huazhong Securities, express a more optimistic view, suggesting that the current adjustment is nearing historical comparable levels and that the growth technology sector will be the strongest theme in the next market phase [7][8] - East Wu Securities anticipates that the market adjustment will conclude by November, paving the way for an early spring market, with a focus on AI applications and sectors benefiting from domestic policy support [8]