"A-share market opens express | ChiNext index drops by 0.2%, leading the way in digital currency, non-ferrous metals and other sectors."

The three major A-share indexes collectively opened lower, with the Shanghai Composite Index falling 0.18% and the Growth Enterprise Index falling 0.2%. In terms of the market, the water products, PCB, and exoskeleton Siasun Robot & Automation sectors saw the biggest gains, while digital currency, non-ferrous metals, and cross-border payment sectors saw the biggest declines. Institutional Views on the Market Outlook Huatai: There may be short-term volatility and pullback pressure in the market, and a breakthrough of the Shanghai Composite Index above the 3700-point level will not happen overnight. Huatai stated that in the current external market environment, trade disturbance factors have eased, and the relatively mild performance of the US CPI data for July has raised market expectations for the Fed to start cutting interest rates in its September meeting. The market is focusing on what signals will be released at the Jackson Hole Global Central Bank Symposium next week. The path of the Fed's future monetary policy still weighs on market sentiment. Guotou Securities: Short-term liquidity bull market, medium-term fundamental bull market, medium-to-long-term conversion of old and new energy bull market, focusing on leading tech stocks. Guotou Securities pointed out that looking ahead to the future A-share bull market, based on the "anti-barbell excess-intermediary asset oscillation" style shift and combined with observations over a longer period of time, they propose a new perspective: the "Three Bulls": 1. Short-term liquidity bull market; 2. Medium-term fundamental bull market (to be launched before the end of the year, still needs confirmation); 3. Medium-to-long-term conversion of old and new energy bull market (to be launched in the first half of next year, still needs confirmation). The rotation order within the intermediary assets follows: 1. Leading tech stocks (Growth Enterprise Index + technology innovation based on industrial logic); 2. Large-cap growth stocks focused on overseas markets + globally priced resources; 3. Leading pro-cyclical stocks represented by the old economy in domestic market. Orient: The market remains in a volatile climb pattern, recommending focus on high prosperity and performance-verified sectors like AI+ and computing power. Orient believes that the current consolidation phase in the Shanghai Composite Index is driven by internal market demand, and the pattern of volatile climb has not fundamentally changed. In terms of allocation, it is recommended to continue focusing on high prosperity and performance-verified sectors like AI+, computing power, innovative medicine, and military industry. This article is reprinted from "Tencent Stock Selection," GMTEight Editor: Xu Wenqiang.