A-share market closing review: the three major indexes collectively fell, trading volume decreased again! Funds are clustering in banks.

Today the overall market is weak and volatile. As of the close, the three major indexes collectively fell, with trading volume shrinking again. The total daily turnover was only 1.6 trillion, with more stocks falling than rising in the market. When will the market break out of the volatile pattern? Orient believes that overseas geopolitical risks have decreased, but friction risks still exist, and there is a return of USD funds. There may be marginal differentiation in global liquidity in phases, and caution is needed to prevent liquidity shocks dragging down risk appetite. Domestic equity funds have different opinions, with some funds continuing to focus on high-growth leading stocks while others are rotating back to low positions. Orient states that in the short term, the index may maintain a volatile pattern, waiting for overseas risk disturbances to settle before observing the strength of liquidity support to seize opportunities for a breakthrough. The dumbbell strategy remains the dominant approach, with defensive positions in low-level state-owned enterprises reform, infrastructure, and consumer sectors showing signs of stabilization. On the offensive end, focus on tech growth with third-quarter results expected to increase, supporting directions with strong performance certainty. On the market, there is a mix of hotspots with real estate, home appliances, and banking sectors rising, such as Agricultural Bank of China reaching a new high. Real estate stocks continue their upward trend. Economic concepts in Shenzhen continue to ferment, leading sectors like engineering machinery and shale gas to remain active. Chip concepts strengthened in the afternoon, with companies like Cambricon Technologies surging. Hubei state-owned enterprises were active, with companies like Hubei Radio & Television Information Network hitting the limit up. On the downside, gold and other non-ferrous concepts declined, and chip stocks have started to adjust. Industries like coal, securities, defense, and photovoltaics saw significant declines. Looking ahead, Huaan believes that the short-term adjustment phase is nearing its end, with growth remaining the optimal theme in the upcoming market. As for individual stocks, there were 2280 gainers compared to 2965 decliners, with 194 stocks maintaining their limit up. Seventy-three stocks hit the upward limit, with eight reaching the downward limit. As of the close, the Shanghai Composite fell by 0.07% to 3913.76 points, with a turnover of 741.5 billion yuan; the Shenzhen Component Index fell by 0.62% to 12996.61 points, with a turnover of 926.3 billion yuan. The ChiNext Index dropped by 0.79% to 3059.32 points. In terms of fund flows, today's main funds focused on wind power equipment, automation equipment, and chemical pharmaceutical sectors, with top inflows going to Suzhou TFC Optical Communication, Zhongshan Broad-ocean Motor, and Shanghai Highly. Key news: 1. Huawei announced that the number of devices using HarmonyOS 2.0 reached over 23 million. 2. An editorial by Learning Times emphasized the importance of coordinating policies to promote consumer spending and enhance economic growth. 3. The Minister of Industry and Information Technology, Li Lecheng, emphasized the need for modern industrial governance to achieve new industrialization. Market Analysis: 1. Shenwan Hongyuan Group believes that tech stocks are poised for a rebound and will likely lead the market in the fourth quarter. 2. Huaan suggests that growth will continue to be the main theme in the market, with a focus on specific sectors like technology and AI. 3. Orient predicts that the market has largely digested the impact of the trade war, and tech stocks are showing signs of rebound. The focus remains on the banking sector and opportunities in individual stocks and sectors in the fourth quarter.