譬如医药基金震荡了四年，结果短短半年内就"火速"回本，。从月线看港股创新药整体已经接近2021年指数刚下跌时的水平，甚至有望冲击前高。 近期，无论是在蚂蚁财富、小红书还是雪球等社交平台上，关于"基金回本""终于解套"的讨论越来越多。想来也是，对于在市场高点入场的基民而言，账户 终于"回本"的这一刻，犹如一场漫长的马拉松抵达终点线 部分买入时间较晚或者不短补仓摊博成本的投资者已经出现了较为可观的盈利，到了命运的转折扣投资者面对此情此景的确有点不知所措。 港股通创新药指数月线走势 面对盈利，不同人的选择也大相径庭：有人如释重负赎回离场，有人小心翼翼分批撤退，有人反而坚定加仓，还有新入局者正跃跃欲试。 为什么会有"保本出"的现象？ 从舆论风向看，不少投资者还是比较倾向于"保本出"的做法，许多投资者往往在市场高点买入，经历了漫长的亏损期后终于回本，立即选择全部赎回。很多 表示："好不容易回本，说什么也得先出来，钱拿在手里才安心。" 为什么会有这种现象？主要原因还是有两点。 第一个叫 "损失厌恶" "锚定效应"也是深深刻在人性里，积极促成了我们"回本出"的动能。 从历史经验来看，市场回暖初期往往会基金赎回的情况，这时候 ...

Core Viewpoint - The A-share market is facing a critical defense at the 3500-point level, influenced by the significant downturn in the US stock market, termed "Black Friday," which has raised concerns about a potential market top [1][3]. Market Impact - The Shanghai Composite Index fell below the 20-day moving average (3550 points) and showed weak rebound capacity, with key support levels shifting down to 3536-3542 points [1]. - The US stock market's decline was triggered by disappointing non-farm payroll data for July, which reported only 73,000 new jobs, significantly below the expected 100,000 and the prior months' revised figures [3]. - The outflow of northbound capital from A-shares exceeded 50 billion in a single day, with a net outflow of 25.62 billion on August 1, heavily impacting the electronics and new energy sectors [5]. Sector Performance - Companies heavily reliant on the US market, such as Luxshare Precision and GoerTek, faced significant sell-offs due to high exposure, with US revenue accounting for over 60% [5]. - High-valuation stocks, particularly those with dynamic PE ratios exceeding 50, are at risk of substantial declines, as seen with companies like Zhongji Xuchuang [5]. - The ChiNext index dropped 2% in a single day, pressured by profit-taking and the decline of major stocks like CATL [5]. Policy and Economic Outlook - The National Development and Reform Commission has allocated 800 billion for "two重" construction projects by 2025, and the third batch of special bonds for consumer goods has been fully disbursed [8]. - However, the lack of new stimulus policies from recent meetings has heightened expectations of an economic slowdown [8]. - The real estate sector has seen a net capital outflow of 1.26 billion, raising doubts about the sustainability of any rebound [8]. Investment Strategy - A rebound in the A-share market requires two signals: a daily trading volume exceeding 900 billion and the implementation of policy countermeasures, particularly during the upcoming US-China tariff negotiations [9]. - Defensive asset allocation should increase to 50%, focusing on high-dividend sectors like coal and utilities, while also considering the healthcare sector due to aging population demands [9]. - Investors are advised to select stocks with a return on equity (ROE) exceeding 15% for three consecutive years and those that have seen institutional buying in the first quarter [9].