Korean stocks continued to fall on July 20; as the current core market risk, Korea's deleveraging risk is not yet fully cleared, raising spillover concerns for A-shares. Xia Fanjie said A-shares are undergoing a "re-anchoring" process and the Korean risk shock should be gradually peeled off. Market style will hinge on incremental capital: leveraged funds are withdrawing while medium- to long-term funds are flowing in. That shift in incremental capital and pricing power will alter market style; near term he prefers a rebound in dividend-yielding and deeply oversold sectors.(金十数据)