“There was a significant correction in the US technology sector last week, triggering a weakening of global equity market sentiment. The NASDAQ fell 4.48% in a single week, and the S&P 500 index fell 1.95%. The root cause of this round of US stock adjustments is the restructuring of overseas macroeconomic expectations, compounded by phased valuation digestion in the overvalued AI sector, and not a systemic risk outbreak.” Zhang Jun, chief economist of China Galaxy Securities and director of the Research Institute, said. Zhang Jun believes that the impact of external market fluctuations on A-shares is mainly focused on short-term sentiment, and has not changed the core pricing logic of A-shares. The reason is that the pricing anchor for A-shares has always been rooted in the fundamentals of the domestic economy, the upgrading process of the industrial structure, and the evolution of the capital market's own system, all three together determine the center of its operation. The ups and downs of external markets can affect the pace, but it is difficult to change direction.

“There was a significant correction in the US technology sector last week, triggering a weakening of global equity market sentiment. The NASDAQ fell 4.48% in a single week, and the S&P 500 index fell 1.95%. The root cause of this round of US stock adjustments is the restructuring of overseas macroeconomic expectations, compounded by phased valuation digestion in the overvalued AI sector, and not a systemic risk outbreak.” Zhang Jun, chief economist of China Galaxy Securities and director of the Research Institute, said. Zhang Jun believes that the impact of external market fluctuations on A-shares is mainly focused on short-term sentiment, and has not changed the core pricing logic of A-shares. The reason is that the pricing anchor for A-shares has always been rooted in the fundamentals of the domestic economy, the upgrading process of the industrial structure, and the evolution of the capital market's own system, all three together determine the center of its operation. The ups and downs of external markets can affect the pace, but it is difficult to change direction.