多家外资巨头看涨中国资产，A股能不能慢牛？什么叫动辄得咎

Group 1 - The A-share market is experiencing a structural market rather than a healthy slow bull market, indicating that the current trend may revert to previous market conditions [1] - On August 18, A-shares saw significant gains, with the Shanghai Composite Index reaching a nearly 10-year high and the North Star 50 Index hitting an all-time high, with a trading volume of 2.76 trillion yuan, marking a new annual record [3] - Citic Securities noted that global liquidity easing, phased tariff reductions, and performance catalysts are creating investment opportunities in the Asian market, particularly benefiting the semiconductor industry amid AI competition and domestic substitution [3] Group 2 - Michael Burry, known for predicting the 2008 housing crisis, has shifted his stance on Chinese stocks, selling put options on major companies like Alibaba and JD.com while buying call options, indicating a bullish outlook [10] - Several foreign investment giants have expressed optimism about Chinese assets, with Goldman Sachs reporting increased interest from global investors in the Chinese stock market, highlighting three core competitive advantages of Chinese assets [11] - The advantages include a complete modern industrial system, increased R&D investment leading to brand premium, and significant long-term investments in core technology sectors, positioning China competitively in AI, semiconductors, and renewable energy [11]