Minsheng Securities: The bull market may be in a relay accumulation phase

According to Jin10 data on September 7, Minsheng Securities released a research report stating that the bull run may be in the relay and accumulation phase. From the perspective of driving forces for the rise, this round of the bull run is dominated by liquidity. The market rise this year has mainly been driven by liquidity easing, and although the A-share market has basically bottomed out, it remains at a relatively low position. Looking at the long-term cycle, the possibility of the market peaking is relatively small before there are clear signs of liquidity tightening. In terms of trading sentiment, the margin financing transaction value has continued to rise as a proportion of the total market transactions, indicating high trading enthusiasm. The market trading shows signs of overheating, and based on historical experience, the probability of a significant rise shortly after an adjustment is low, suggesting it may enter the relay and accumulation phase again. If the enthusiasm for margin trading suddenly decreases, it may have a certain impact on sectors like TMT, which have a high participation in margin trading, in the short term.