Southbound Capital: Today shifted from unilateral buying in the previous period to significant net outflows, with sales concentrated in Tencent, Meituan, Zhipu, and semiconductors, while adding small positions in local real estate and gold; following consecutive large outflows south in July, capital is entering a wait-and-see mode and cashing out cycle in the short term.

Overseas Foreign Capital: Northbound foreign capital is simultaneously reducing holdings in China-listed tech stocks, the US dollar index rebounded slightly, and foreign capital is temporarily withdrawing from offshore growth assets;

Trading Structure: The proportion of Stock Connect trading volume declined, overseas hedging short-selling activity increased, and incremental market funds are temporarily absent.