A-shares market express at opening | ChiNext Index fell by 2.94% with leading declines in semiconductor, storage chip, and CPO sectors

On July 2nd, the three major A-share indexes collectively opened lower, with the Shanghai Composite Index falling by 1.42% and the Growth Enterprise Market Index falling by 2.94%. On the market, the precious metals sector was active, while sectors such as semiconductors, storage chips, CPO, and cultivated diamonds saw declines. Institutional views on the future market: Datong Securities: Short-term structural market trends in technology are expected to continue but with increased volatility, focusing on "true growth" with performance support. Datong Securities believes that the short-term market may face three factors in competition: first, external liquidity disturbances, with expectations of a Fed rate hike still high, and the volatility of US tech stocks affecting sentiment in the A-share market; second, as the half-yearly report window approaches, market pricing logic will shift from "economic expectations" to "economic confirmation," with tech sectors with real orders and high profit growth expected to continue to receive premiums; and third, after margin balance surpassed 3 trillion yuan, the market's attention to the stability of leveraged funds has increased. Overall, the short-term structural market trends in technology are expected to continue but with increased volatility, with internal differentiation becoming normal; in the medium to long term, technology remains the main theme, focusing on "true growth" with performance support. Founder: The market will shift from "valuation speculation" to mid-year performance validation, focusing on investment opportunities in technology growth and other directions. Founder believes that the market is showing a clear "high-low switch," and the current situation is more likely to be a phase of style re-balancing rather than a complete style switch. Looking ahead to the July market, the focus will shift from "valuation speculation" to mid-year performance validation, with overall strong and non-systematic market fluctuations, and the market trend will shift to internal high-low switching in technology + low growth equilibrium repair. In terms of allocation, focus on investment opportunities in technology growth, re-balancing direction, cyclical resources, and high dividend stocks. Orient: The trend of development in hard technology industries is obvious; this adjustment should be seen as an opportunity to continue entering the market. Orient believes that the main reason for the market's volatility yesterday was internal factors, and in terms of volume, the four major sectors of electronics, communications, computers, and media had a combined turnover of 1.77 trillion yuan, accounting for 47.8% of the total market turnover, a slight decrease from 49.2% on June 30th, but still at a historically high level, 2.5 percentage points away from the historical peak of 50.3% set in April 2023. Combining with recent market patterns, a 40-50% ratio can trigger sector fluctuations, which is also the case this time; however, in terms of economic outlook, the trend of development in hard technology industries is obvious, and this adjustment should be seen as an opportunity to continue entering the market. This article is reprinted from "Tencent Stocks", edited by Xu Wenqiang.