Fangzheng Securities released a research report pointing out that in the future, the recently released policy expectations are relatively optimistic. The shift from complete purchase restrictions to restarting monetization is a process of gradual change in policy tone. Until the US election and interest rate cuts are fully settled, the policy needs to leave room. The current policy shift has already begun. Currently, it is likely that this round of fiscal stimulus is not the end point, but the policy pace will probably not be centralized but will gradually release positive signals. Taken together, before long-term policies shift to expectations, the overall sentiment of the market is underpinned, but upward momentum may be dragged down by the three-quarter performance report and the degree of economic data restoration. In terms of style, after the valuation center is fully repaired, the shock period may still be more biased towards large-cap stocks with financial support and concentrated performance leaders, such as 300/50.

Fangzheng Securities released a research report pointing out that in the future, the recently released policy expectations are relatively optimistic. The shift from complete purchase restrictions to restarting monetization is a process of gradual change in policy tone. Until the US election and interest rate cuts are fully settled, the policy needs to leave room. The current policy shift has already begun. Currently, it is likely that this round of fiscal stimulus is not the end point, but the policy pace will probably not be centralized but will gradually release positive signals. Taken together, before long-term policies shift to expectations, the overall sentiment of the market is underpinned, but upward momentum may be dragged down by the three-quarter performance report and the degree of economic data restoration. In terms of style, after the valuation center is fully repaired, the shock period may still be more biased towards large-cap stocks with financial support and concentrated performance leaders, such as 300/50.