Since entering September 2026, the A-share market has generally shown a structural pattern of index fluctuations and stock divergence. The market is in a bottoming-and-consolidating phase, with overall sentiment relatively cautious. Recently, major indices have had limited volatility, but the wealth effect has continued to weaken. There have been repeated instances where the index edged up slightly while more than 3,500 stocks declined, making it clear that large-cap stocks have been supporting the market while small-cap stocks have been adjusting.
On the capital side, trading volume has continued to shrink, staying below 2 trillion yuan for many consecutive days. Investors remain highly cautious, hotspot rotation has accelerated, and persistence has been weak. Sector performance has been sharply mixed: defensive sectors such as precious metals, non-bank financials, and transportation have been relatively resilient, while a few tech sub-sectors like AI liquid-cooling servers have remained active repeatedly. Meanwhile, high-volatility tracks such as coal and semiconductors have seen phased pullbacks, and divergence among high-level thematic stocks has intensified.
At present, the market has limited downside room. The overall environment of policy support and ample liquidity remains unchanged, and the market is in a phase of rebuilding confidence and accumulating strength at the bottom. In the short term, a broad-based rally is unlikely, and opportunities will mainly be structural. In trading, it is not advisable to chase gains aggressively. Priority should be given to low-valuation, steady-growth sectors and prospering niche tracks. Maintain a light position, follow the trend, build positions in batches, and patiently wait for clear opportunities after the market breaks out on stronger volume.
#USWeeklyInitialJoblessClaimsRiseTo206000
On the capital side, trading volume has continued to shrink, staying below 2 trillion yuan for many consecutive days. Investors remain highly cautious, hotspot rotation has accelerated, and persistence has been weak. Sector performance has been sharply mixed: defensive sectors such as precious metals, non-bank financials, and transportation have been relatively resilient, while a few tech sub-sectors like AI liquid-cooling servers have remained active repeatedly. Meanwhile, high-volatility tracks such as coal and semiconductors have seen phased pullbacks, and divergence among high-level thematic stocks has intensified.
At present, the market has limited downside room. The overall environment of policy support and ample liquidity remains unchanged, and the market is in a phase of rebuilding confidence and accumulating strength at the bottom. In the short term, a broad-based rally is unlikely, and opportunities will mainly be structural. In trading, it is not advisable to chase gains aggressively. Priority should be given to low-valuation, steady-growth sectors and prospering niche tracks. Maintain a light position, follow the trend, build positions in batches, and patiently wait for clear opportunities after the market breaks out on stronger volume.
#USWeeklyInitialJoblessClaimsRiseTo206000