Zheshang Securities: Bottom reconstruction sees the dawn establish a bullish mindset, do not blindly sell off

Although the major market indices all posted negative returns this week, several bright spots are worth noting. First, during the closing sessions on Thursday and Friday of this week, mainstream market ETFs saw large capital inflows with heavy volume buying; based on the pattern since 2024, this is often one of the signs of a bottom forming. Second, the Hang Seng Tech Index, which began adjusting as early as last October and has led A-shares in its trajectory, showed strong counterattack momentum midweek this week, with its decline notably smaller than that of A-share indices, and it is expected to be the first to stabilize at the important time node next week. Third, the Shanghai Composite Index probed as low as 3,674.82 points this week, just a step away from the 3,674.40-point low of the "924 rally," and launched a strong counterattack around that level, proving the validity of the aforementioned support.