On July 20, Zhang Jingjing, chief macro analyst at China Merchants Securities, and Li Haoyang, co-chief analyst of strategy, said in an interview with reporters that the recent adjustments in the A-share market were not a systematic deterioration in domestic fundamentals, but rather fluctuations caused by the resonance of multiple factors at home and abroad. This adjustment is characterized by structural deleveraging after the main line of technology is overcrowded. There is no systemic risk for the entire market. Subsequent markets will focus on bottoming out of differentiation and restoration of shocks. Currently, the bottom layout window of the market has gradually opened. China Merchants Securities believes that judging from macro liquidity, global liquidity is currently being marginally tightened. Since the US-Iran conflict, the international crude oil price center has risen sharply, and the outbreak of the AI industry has boosted the prices of related raw materials and equipment. The two have resonated to boost the center of global inflation. More than 10 central banks, including Europe and Japan, have raised interest rates since May. Currently, the market generally believes that the Fed has not only ended the interest rate cut cycle but may even raise interest rates within the year.

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