① Drawing on history, improving overseas liquidity may promote short-term and flexible return of A-shares, but fundamentals may be the key to determining the overall flow of foreign capital. ② Structurally, after overseas liquidity loosened, A-share foreign investors preferred dollar interest rate sensitive sectors such as electronics and pharmaceuticals, as well as high-end manufacturing with fundamental advantages. ③ Domestic fundamentals may see a turning point under strong policies, compounded by improvements in overseas liquidity. Internal and external factors are expected to support the rise of the A-share center. China's dominant manufacturing advantage may be the main line in the medium term.

① Drawing on history, improving overseas liquidity may promote short-term and flexible return of A-shares, but fundamentals may be the key to determining the overall flow of foreign capital. ② Structurally, after overseas liquidity loosened, A-share foreign investors preferred dollar interest rate sensitive sectors such as electronics and pharmaceuticals, as well as high-end manufacturing with fundamental advantages. ③ Domestic fundamentals may see a turning point under strong policies, compounded by improvements in overseas liquidity. Internal and external factors are expected to support the rise of the A-share center. China's dominant manufacturing advantage may be the main line in the medium term.