压盘，压盘，压盘 | 谈股论金

Market Overview - The A-share market experienced a slight pullback today, with the Shanghai Composite Index narrowly holding above the 4100-point mark, closing down 0.26% at 4101.91 points. The Shenzhen Component fell 0.18% to 14281.08 points, and the ChiNext Index decreased by 0.20% to 3361.02 points. The total trading volume in the Shanghai and Shenzhen markets reached 30.568 billion, an increase of 1.18 billion compared to the previous day [3][6]. ETF Performance - The performance of broad-based ETFs was notably remarkable today, with several products achieving record-high trading volumes. However, this surge in volume coincided with a market sell-off, indicating a potential market correction process [4][5]. - Various ETFs, including the CSI 300 ETF, CSI 500 ETF, and CSI 1000 ETF, saw trading volumes increase tenfold compared to normal levels, with some products setting new historical records [5]. Regulatory Actions - The regulatory authorities have implemented measures to cool down the market, including raising the margin requirements for financing, which reflects a clear intention to reduce leverage. This was followed by additional actions to sell off ETFs, aiming to further control market overheating [5][6]. - The recent cut in the re-lending rate by the central bank by 0.25 percentage points was expected to lower commercial loan rates, but the lack of a corresponding adjustment in deposit rates has compressed the interest margin for banks, putting pressure on bank stocks [6]. Sector Performance - The current market adjustment is primarily focused on previously popular sectors such as AI applications, commercial aerospace, and metals, which have seen significant declines. In contrast, sectors like semiconductors and power grid equipment have shown relative strength, driven by substantial future investment plans from the State Grid [7]. - Despite the overall market stability, there is notable internal stock differentiation within strong sectors, indicating a selective investment environment. The presence of 57 stocks hitting the daily limit down and 67 stocks hitting the limit up reflects the ongoing market correction and the clear policy direction towards deleveraging and reducing speculation [7].