Core Viewpoint - The market is experiencing significant capital outflow, with nearly 60 billion yuan leaving, indicating a critical test for the market ahead Group 1: Market Performance - The Shanghai Composite Index briefly surpassed 4010 points, but trading volume decreased by 210 billion yuan compared to the previous day, suggesting a lack of genuine market enthusiasm [3] - On Tuesday, the index fell back to a slight loss after reaching 4000 points, with over 2900 stocks declining and a net capital outflow of 59.2 billion yuan, equating to approximately 1.3 million yuan leaving per minute [6] - The afternoon sell-off was not unexpected, with net outflows reaching 355 billion yuan by 1:25 PM and exceeding 500 billion yuan by 1:45 PM, indicating a significant withdrawal of funds [8] Group 2: Sector Analysis - The banking sector was the primary driver of the index increase, with Agricultural Bank hitting a historical high, while sectors like semiconductors and securities lagged behind [3] - Defensive banking stocks rose against the backdrop of declining cyclical and technology stocks, highlighting a market split [8] - Historical data shows that the A-share market has only successfully maintained above 4000 points three times out of eleven attempts, with the current situation influenced by policy expectations and technical pressures [10] Group 3: Investor Sentiment - Investors are cautious, with public fund reports indicating that the electronics sector's holding ratio has surpassed 20%, nearing crowded thresholds [12] - There is a prevailing sentiment of uncertainty, as traders are hesitant to make heavy bets, fearing that any index rise could trigger further sell-offs [12]