这波牛市的核心驱动力是什么？——极简投研

Group 1 - The core driving force of the current bull market is being questioned, whether it is based on fundamentals or valuations [5][20] - The Consumer Price Index (CPI) remained flat year-on-year in July 2025, with a month-on-month increase of 0.4%, indicating a stable inflation environment [3][12] - The Producer Price Index (PPI) showed a month-on-month decline of 0.2%, but the rate of decline has narrowed, suggesting a positive feedback effect from consumption policies [3][4] Group 2 - Historical analysis of companies like Kweichow Moutai and Yangtze Power indicates that valuation-driven performance often outweighs fundamental performance over the years [6][8] - The stock price performance of Kweichow Moutai shows that valuation contributed in 13 out of 23 years, while performance only contributed in 5 years [6][7] - For Yangtze Power, valuation also played a significant role, with valuation-driven years outnumbering performance-driven years [8][10] Group 3 - The A-share market's core driving force is predominantly valuation, with significant liquidity expected to continue supporting the market [11][15] - The monthly trading volume in the A-share market has shown substantial differences, with recent averages exceeding 1.68 trillion yuan, indicating strong market activity [17][18] - The current total market value to GDP ratio stands at 80.92%, suggesting room for growth in the market [22]