Institution: The core logic supporting the A-share market remains unchanged.

Last week, the A-share market continued to rebound in the first half of the week, but showed a volatile adjustment trend in the second half of the week. The main broad-based indexes all fell, but trading activity in the market still maintained a relatively high level. Looking at the opinions of multiple institutions, A-shares have a need for a phase of consolidation after consecutive gains, but the fundamental logic supporting the current uptrend has not changed. A moderate "cooling off" is conducive to the market's stability and long-term development, and the main trends in the medium to long term are expected to gradually emerge in the fluctuations.