Overnight, US stocks weakened, and several signals are worth noting.

Let’s first review what happened overseas: Japanese government bonds suddenly plunged, and this wave of selling pressure quickly spread to the US Treasury market, significantly heightening global risk aversion. Immediately after, White House economic advisor Hassett poured cold water on the market—he said it was irresponsible to plan a rate cut path six months in advance and stressed that the Federal Reserve must base decisions on data. These remarks instantly cooled market expectations for a rate cut in 2026.

However, there are also signs of easing: there are rumors that the Nvidia H200 chip may be allowed for export to China, which helped stabilize tech stocks. Chinese ADRs had a wave of gains last night, but gave back those gains during the Asian session, showing that sentiment is still tug-of-war.

So, what’s the outlook for A-shares today? Here are a few judgments:

We already positioned at lower levels before, so chasing at current levels isn’t cost-effective—the win rate and risk/reward ratio aren’t ideal. For most people, it’s better to wait for the next round of pullbacks.

There are indeed some negative factors for the brokerage sector, but those were already digested yesterday with a surge and pullback, so even if the market opens lower today, the pressure will be more fully released.

Overall, even if A-shares open lower or dip during the session today, it shouldn’t be a big problem. I tend to see any adjustment as a buying opportunity, and the medium-term trend is still bullish.