Navigating Through Fog, Awaiting the Next Catalyst

Sinolink Securities stated that Warsh's hawkish stance may temporarily hinder the previous easing trade, but it should be noted that due to the still-weak endogenous forces behind interest rate increases, this round of tightening trade may only need to digest part of the earlier easing expectations, rather than marking the start of a new tightening cycle. The upward trajectory of the tech industry can no longer be compared to March, and it cannot remain immune under tightening expectations. On the domestic demand front, the signaling effect of real estate policies outweighs their substance, and short-term trading momentum may be insufficient. The market may enter a chaotic state in the coming period, with a defensive mindset prevailing, awaiting the next catalyst.