Boshi Macro said that on the A-share side, looking at the three-factor framework, the molecular side A-share EPS profit and denominator dollar liquidity continued headwinds. The change is that the net inflow rate and risk appetite for financing markets, which characterize stock market liquidity on the denominator side, have all turned negative. Short-term A-shares are under pressure. Short-term trading overcrowding correction has only just begun. Risk-free interest rates are declining and net capital flows into dividend ETFs continue to flow into dividend ETFs. Large-market low-volatility dividend assets have a comparative advantage.

Boshi Macro said that on the A-share side, looking at the three-factor framework, the molecular side A-share EPS profit and denominator dollar liquidity continued headwinds. The change is that the net inflow rate and risk appetite for financing markets, which characterize stock market liquidity on the denominator side, have all turned negative. Short-term A-shares are under pressure. Short-term trading overcrowding correction has only just begun. Risk-free interest rates are declining and net capital flows into dividend ETFs continue to flow into dividend ETFs. Large-market low-volatility dividend assets have a comparative advantage.