CSC Financial says A-share sentiment has firmed on overseas rebounds, but domestic liquidity remains in a rebalancing phase; recovery is likely to be measured as the market consolidates a bottom. The Fed remains cautiously hawkish and reiterated its 2% inflation target, a short-term headwind for global risk assets; the Fed noted that stabilising long-end yields and curve flattening would help mitigate tail risks from overly tight financial conditions. NVIDIA’s results and guidance materially bea

CSC Financial says A-share sentiment has firmed on overseas rebounds, but domestic liquidity remains in a rebalancing phase; recovery is likely to be measured as the market consolidates a bottom. The Fed remains cautiously hawkish and reiterated its 2% inflation target, a short-term headwind for global risk assets; the Fed noted that stabilising long-end yields and curve flattening would help mitigate tail risks from overly tight financial conditions. NVIDIA’s results and guidance materially beat expectations, confirming resilient AI capex and compute demand and underpinning tech fundamentals. Recommended positioning: rebalance to improve resilience in a volatile market—maintain exposure to sectors with confirmed momentum, hold defensive core positions, and add low-base catch-up names where cheap valuation, institutional underweight and marginal fundamental improvement coincide. Key sector focuses: AI compute, nonferrous metals, innovative pharmaceuticals, banks, non-bank financials, oil, coal, steel and agriculture.