Core Viewpoint - The market's low opening and subsequent recovery reflect investors' relatively optimistic expectations, indicating significant market resilience [1] Market Performance - On Monday, the Shanghai Composite Index opened significantly lower but reached its lowest point at the opening price, followed by a steady recovery, closing slightly below the five-day moving average [1] - The Shenzhen Component Index also opened lower and recovered, but with less strength than the Shanghai index, closing below the ten-day moving average, suggesting a short-term digestion of previous excess gains [1] Market Trends - The market's focus on the upstream resource sector indicates a shift in investment style, with small and mid-cap stocks showing slight excess returns and the Sci-Tech Innovation Board performing independently [1] - Since the end of August, the Shanghai Composite Index has entered a horizontal consolidation phase, facing resistance above and support below, with the adjustment low remaining above the 2021 market high, indicating that previous resistance levels have become significant support [1] Recent Market Activity - After the holiday, the market attempted to break upward but faced negative information, leading to two consecutive days of adjustment, with the Shanghai Composite Index still closing at the upper edge of the September horizontal consolidation, indicating a strong pullback confirmation phase [1]

Group 1 - The September market is influenced by the upcoming long holiday and seasonal adjustments in investor positions, leading to decreased trading activity [1] - Post-holiday market focus will shift to domestic economic trends, particularly on demand-side policies and supply-side "de-involution" efforts, which are crucial for PPI recovery and corporate profit growth [1] - The Shanghai Composite Index has rebounded, closing above short-term moving averages, while the Shenzhen Component continues to lead the market with increased trading volume of approximately 2.1 trillion yuan [1] Group 2 - The market is currently undergoing technical consolidation after a continuous upward trend, with some sector indices still showing upward momentum, indicating structural investment opportunities [2] - There are signs of profit-taking since late August, suggesting a divergence in short-term market sentiment, but the overall adjustment remains strong [2]

Group 1 - The external and internal environment has improved, leading to a market rebound as international trade conflicts have not escalated and negotiations with the US have begun [1] - The central bank announced a reserve requirement ratio and interest rate cut to support the real economy, encouraging market sentiment and slightly shifting the focus upward [1] - The market has entered an earnings vacuum period after the annual and quarterly reports have been disclosed, with thematic investments becoming more active [1] Group 2 - The two markets experienced a volatile rebound with increased trading volume, as the Shanghai Composite Index has continuously risen and filled the gap from April 7 [1] - The Shenzhen Component Index showed a catch-up characteristic but has not yet filled the upper gap, indicating a mixed performance [1] - Market hotspots last week were mainly concentrated in the military and high-end manufacturing sectors, with a general upward trend across various investment styles [1]