Since the fourth quarter, the A-share market has fluctuated and adjusted, and sector rotation has accelerated. Currently, the net ratio of the Shanghai and Shenzhen 300 markets is about 1.33 times, which is about 19% since 2010, and the valuation is undervalued. Behind the intertwining of short-term market games, long-term capital and patient capital are using multiple paths to accelerate entry. Incremental capital represented by net inflows of ETFs, increased holdings by important shareholders, and repurchases by listed companies is continuously injecting fresh water into the market.

Since the fourth quarter, the A-share market has fluctuated and adjusted, and sector rotation has accelerated. Currently, the net ratio of the Shanghai and Shenzhen 300 markets is about 1.33 times, which is about 19% since 2010, and the valuation is undervalued. Behind the intertwining of short-term market games, long-term capital and patient capital are using multiple paths to accelerate entry. Incremental capital represented by net inflows of ETFs, increased holdings by important shareholders, and repurchases by listed companies is continuously injecting fresh water into the market.