On October 11th, the three major stock indices closed lower collectively. The Shanghai Composite Index reported at 3,217.74 points, down 2.55%; the Shenzhen Component Index reported at 10,060.74 points, down 3.92%; the ChiNext Index reported at 2,100.87 points, down 5.06%.

In terms of sectors, the chip, new energy, pharmaceutical, and military industry sectors saw widespread declines; dividend assets surged and then retreated, with securities stocks experiencing two consecutive rounds of pulses in both halves of the day without success.

Specifically, the precious metals sector rose against the trend, with Western Gold surging by more than 4%, and Yulong Shares and China Gold rising by more than 2%.

The securities sector partially rose in the afternoon. By the close, CICC (China International Capital Corporation) hit the upper limit, with CITIC Securities, Jinlong Shares, China Galaxy, Cinda Securities, and others following suit.

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China-affiliated stocks continued to decline, with AVIC Electronic Measurement Technology dropping by more than 17%, CITIC Publishing, CITIC辐照 (CITIC Irradiation) dropping by more than 14%, and multiple stocks such as Zhongji Inspection and Zhongyuan Tong dropping by more than 10%.

【Main Force Capital】

Main force capital continued to net inflow into non-bank finance, commercial retail, banking, real estate, and other sectors at the end of the day, while net outflowing from the electronics, electrical equipment, national defense military, and pharmaceutical biology sectors.

Specifically, looking at individual stocks, CICC, PetroChina Capital, and Xiaoshangcheng received net inflows of 2.688 billion yuan, 1.963 billion yuan, and 1.515 billion yuan, respectively.

On the net outflow side, Tianfeng Securities, Changshan North Ming, and Guomin Technology were sold off by 3.488 billion yuan, 1.623 billion yuan, and 1.613 billion yuan, respectively.

【Institutional Views】Xie Aimin from Shenzhen Gaoping Capital: The market is expected to stabilize near 3200, entering a strong consolidation area.

Jiang Yifan from Shenwan Hongyuan: The adjustments after the first phase of historical market trends are generally between 10%-20%, and the current adjustment range has entered this interval.

Qiu Yu, a consultant from Guojin Securities: High-tech and brokerage stocks at high levels began to adjust yesterday, while core assets such as the CSI 300 strengthened. After the first wave of widespread gains, the index is expected to fluctuate and differentiate, with high dividend stocks likely to dominate in the near term. The index fluctuates, but the upward trend remains unchanged. Opportunities near the 10-day moving average should be watched, waiting for the market's secondary low point to appear after 2689.