华西证券：勿质疑本轮A股行情的上行趋势与市场空间

Core Viewpoint - The current upward trend in the A-share market is supported by various sources of incremental capital, including institutional funds from insurance, pension funds, public and private equity, as well as retail investor participation [1] Group 1: Market Dynamics - The M1-M2 year-on-year growth rate gap has been narrowing, indicating an increase in the activation of funds and a marginal recovery in consumer and investment willingness among residents [1] - The recent margin financing balance has reached a ten-year high, reflecting a continuous rise in risk appetite among individual investors [1] Group 2: Investment Trends - In the context of asset allocation challenges, a bullish market mindset is driving residents to allocate more towards equity assets, which will be a significant driver of the current "slow bull" market [1] - The focus on the "15th Five-Year Plan" suggests that technology growth will remain a key policy theme for an extended period [1]