【机构策略】A股市场运行中枢有望迈上新台阶

Group 1 - The recent A-share market shows positive signals, with the Shanghai Composite Index consistently above 3500 points, indicating a potential new level for the market [1] - Short-term outlook suggests the A-share market will maintain a volatile pattern, with limited downward adjustment space and clearer upward logic due to investor sentiment and ample market liquidity [1] - Long-term trends for the A-share market remain upward, supported by long-term funds entering the market, particularly from insurance capital, amidst an economic transformation that may create structural opportunities [1] Group 2 - The key to the recent breakthrough in the A-share market lies in the "anti-involution" policy, which has strengthened the expectation of ROE bottoming out, driven by multiple factors [2] - The macroeconomic fundamentals are solidifying with low volatility and low levels, while the anticipated restart of Federal Reserve rate cuts may boost global demand [2] - The current emphasis and determination from higher authorities regarding the "anti-involution" policy signal a sustained recovery in ROE, which is expected to support further upward movement of the Shanghai Composite Index in the medium to long term [2]