Market Overview - The recent market fluctuations are attributed to a rapid increase in turnover rates and crowded trading in certain sectors, which is considered a normal pullback in a bull market [3] - The Shanghai Composite Index closed at 3765.88, down 47.68 points, reflecting a decline of 1.25% [1] Market Volatility Reasons - The turnover rate has rebounded too quickly, with the 5-day average reaching levels similar to those seen on October 8 of the previous year [3] - Certain sectors, particularly computing power, experienced excessive trading volume and price increases, leading to a necessary market correction [3] - Investor concerns regarding potential regulatory changes post-September 3 have contributed to market volatility [3] Bull Market Pullback Patterns - In the absence of significant negative news, pullbacks during a bull market typically last less than one week [3] - If regulatory policies are unfavorable, the market may experience a consolidation phase lasting around one month [3] - In slower bull markets, adjustments may take about two weeks, followed by additional fluctuations for one to two months [3] Future Market Trends - Following the current volatility, it is likely that market leadership will shift, with new sectors emerging as frontrunners [3] - Potential leading sectors in September may include consumer and growth stocks at lower valuations, while October could see a resurgence in low-value stocks due to a busy policy period [3]