Guangfa Strategy: There is a large probability that AI assets will have considerable room for correction after the rapid pullback in July

On August 2, the Guangfa Strategic Research Report pointed out that "single top" is a special case in the market. The broad base of A-shares only appeared in 2015, the Dow and the S & P 500 did not appear, and the Nasdaq only appeared in 2000. A single top may occur in two situations: one is an irreversible impact on the capital side (deleveraging), and the other is a rapid reversal of the profit cycle (one-time profit or strong cycle). In the current A-share bull market, AI assets are not exposed to these two impact environments. Therefore, in the worst case, there will be repeated multiple highs. In other words, after the rapid retracement in July, there will be considerable correction space for subsequent large probability.