【导读】基金公司最新解读A股市场调整 长城基金认为，近4个交易日市场风格出现切换，主要由两方面短期因素推动：其一，外部环境变化引 发资金避险需求；其二，科技板块前期涨幅较快，催化剂效应边际减弱。当前切换更多体现为防御性资 金的选择。 10月14日，A股市场全天震荡调整，三大股指集体收跌，创业板指收跌近4%，科创50收跌超4%。半导 体产业链全线调整，保险、银行方向领涨，白酒板块全天活跃。 创金合信基金认为，市场昨日大幅低开后修复走出假阳线，周末发酵的地缘风险情绪有所缓解。今日早 盘高开，但随后快速回落，全天持续走低，最终收盘大跌。两个交易日截然不同的走势说明，在牛市情 绪、地缘博弈以及指数阶段性高位等多重因素的作用下，市场短期进入无序波动阶段，且波动率显著放 大，昨日抄底资金在今日高开后选择兑现，带来了较强的抛压。 市场调整的主要原因是什么？下行空间有多大？牛市行情能否继续？在基金公司看来，当前的市场调整 由多重因素触发，市场向下空间有限，10月下旬有较好的政策窗口期，短期调整可能是较好的布局时 机。受访者普遍认为，中长期不必悲观，A股牛市基础依然坚实，接下来市场主线或更侧重于内部驱 动。 多重因素触发调整 ...

Market Performance - On October 14, the A-share market experienced a correction, with the ChiNext index falling nearly 4% [1][2]. Analysis of Market Movements - The recent escalation of China-U.S. trade tensions has raised concerns about the stability of global supply chains and the foreign trade environment, particularly in areas such as shipping costs, rare earth controls, and tariff threats [2]. - Technical adjustment pressures within the market have also contributed to the volatility, as the A-share market has accumulated significant gains since the beginning of the year, prompting some profit-taking amid external disturbances [2]. - The complex and changing international geopolitical landscape, including uncertainties in the policy directions of major economies like France and Japan, has led to a cautious market sentiment [2]. Impact of Trade Tensions - The recent escalation in China-U.S. trade tensions has implications beyond traditional trade, with China's export controls on rare earths and related technologies targeting the core supply chains of the global high-tech industry [2]. - The U.S. has threatened higher tariffs, which exacerbates tensions in the global trade system, creating uncertainty and risk aversion in the market, particularly affecting industries reliant on China-U.S. trade and those closely tied to globalization in high-tech and manufacturing sectors [2]. Market Outlook - Short-term volatility in the A-share market may increase, but there is no need for excessive pessimism in the medium term [3]. - The evolution of China-U.S. relations, especially with key events like the upcoming APEC summit, will be critical observation points for the market [3]. - The market focus is expected to shift towards internal drivers, particularly the policy dividends from the "14th Five-Year Plan" and the certainty of third-quarter earnings [3]. - In terms of asset allocation, a balanced strategy is recommended, focusing on sectors that highlight strategic value and benefit from domestic industrial policy support, such as technology and new energy [3]. - Additionally, sectors with relatively low valuations and improving fundamentals may also present investment opportunities [3]. - Continuous monitoring of incremental capital movements and changes in the external environment is advised for flexible portfolio adjustments [3].