Strategy analyst Jing Jianwen of Datong Securities released his latest strategic opinion on July 22, saying that recent sharp fluctuations in the external environment may be one of the main reasons dragging down A-shares. On the one hand, US inflation data is poor, and expectations of the Federal Reserve's austerity are repeated; on the other hand, the conflict between the US, Israel, and Iran is heating up again, and the uncontrollability of war expectations continues to rise. Combined with a high correction in major overseas stock indexes, it triggered short-term safe-haven outflows of cross-border capital, causing the global capital market to decline simultaneously. Jing Jianwen said that the fundamentals of the domestic economy have not deteriorated at the same time, and export resilience and domestic demand recovery trends have remained stable. Therefore, A-shares are playing a more “passive and falling” role in this round of adjustments rather than being affected by the worsening of their own economic situation. Jing Jianwen said that from a structural perspective, the fundamentals of the technological growth circuit still have strong support. Although the overall pressure on the technological growth circuit is under pressure, the performance is strong. Segments such as semiconductor equipment and AI computing power and hardware account for more than 60% of the pre-increase individual stocks. The logic of domestic substitution and industrial upgrading has not been destroyed, and leading companies' contract liabilities and R&D investment have maintained high growth, indicating that the industry trend has not been reversed. The current pullback is more of a financial disturbance rather than a fundamental falsification.

Strategy analyst Jing Jianwen of Datong Securities released his latest strategic opinion on July 22, saying that recent sharp fluctuations in the external environment may be one of the main reasons dragging down A-shares. On the one hand, US inflation data is poor, and expectations of the Federal Reserve's austerity are repeated; on the other hand, the conflict between the US, Israel, and Iran is heating up again, and the uncontrollability of war expectations continues to rise. Combined with a high correction in major overseas stock indexes, it triggered short-term safe-haven outflows of cross-border capital, causing the global capital market to decline simultaneously. Jing Jianwen said that the fundamentals of the domestic economy have not deteriorated at the same time, and export resilience and domestic demand recovery trends have remained stable. Therefore, A-shares are playing a more “passive and falling” role in this round of adjustments rather than being affected by the worsening of their own economic situation. Jing Jianwen said that from a structural perspective, the fundamentals of the technological growth circuit still have strong support. Although the overall pressure on the technological growth circuit is under pressure, the performance is strong. Segments such as semiconductor equipment and AI computing power and hardware account for more than 60% of the pre-increase individual stocks. The logic of domestic substitution and industrial upgrading has not been destroyed, and leading companies' contract liabilities and R&D investment have maintained high growth, indicating that the industry trend has not been reversed. The current pullback is more of a financial disturbance rather than a fundamental falsification.