监管层“真金白银”稳定A股市场预期

Core Viewpoint - Recent policies from multiple departments aim to enhance market vitality, encourage long-term capital investment, and stabilize market expectations, highlighting the attractiveness of A-shares for long-term investment [1][2][3] Policy Measures - The China Securities Depository and Clearing Corporation has reduced stock transaction transfer fees by 50%, which is expected to benefit investors by approximately 5 billion yuan annually [2] - Regulatory bodies have introduced a series of measures to stabilize market expectations and boost investor confidence, including lowering trading costs and enhancing market service capabilities [2][3] Market Valuation - A-share valuations are at historical lows, with the average price-to-earnings (P/E) ratio for the Shanghai Composite Index at 12.53 times and the Shenzhen Composite Index at 29.89 times, indicating a relative undervaluation compared to global markets [4] - The P/E ratios for major A-share indices are at their lowest levels in four years, suggesting a favorable entry point for long-term investors [4][5] Long-term Investment Potential - The current market conditions are attracting long-term capital, with institutional investors beginning to consider building positions as the market approaches a bottom [6] - Insurance and pension funds, as significant sources of long-term capital, have the potential to support the stable operation of the capital market, although their current market participation is relatively low compared to developed markets [7]