On July 20, Korean stocks continued to decline. As a source of core risk in the current market, the risk of deleveraging Korean stocks has not yet been fully cleared. Whether A-shares will be affected. In response, Xia Fanjie, a senior strategy analyst at CITIC Construction Investment Securities, said that when the “anchor change” of A-shares is carried out, the risk disturbance of Korean stocks will gradually be removed. The market style depends on incremental funding. Currently, the withdrawal of leveraged capital, medium- to long-term capital inflows, changes in incremental capital, and transfer of pricing power will inevitably lead to changes in market style. In the short term, we continue to be optimistic about the rebound in dividends and overfalling sectors.

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