CGS(SH:601881) Zheng Quan Shi Bao Wang·2025-08-25 00:26Core Viewpoint - The A-share market is experiencing an upward trend, driven by a significant recovery in investor risk appetite, which is reflected in the expanding profit-making effect and increased trading volume [1] Market Conditions - The market's funding situation is contributing important incremental support, with the margin trading balance continuing to grow, now exceeding 2.1 trillion yuan [1] - However, the margin trading balance as a percentage of A-share circulating market value and the margin trading volume as a percentage of A-share trading volume remain at historical average levels, significantly lower than the peak values seen in 2015 [1] Investor Behavior - There are signs of a shift in residents' deposits towards equities, influenced by both the asset scarcity and the enhanced profit-making effect in the stock market [1] Policy Outlook - Market expectations regarding policy remain a key variable for mid-term trends, with the Central Political Bureau's July meeting indicating plans for the 14th Five-Year Plan and potential policy adjustments [1] - The ongoing deepening of capital market reforms and sustained industrial policy efforts are expected to further enhance risk appetite and investment confidence [1] Global Influences - At the Jackson Hole global central bank annual meeting, Powell signaled a potential easing, suggesting a possible interest rate cut in September, which could lead to a rebound in equity assets [1] - The long-term weakening of the US dollar index is reshaping global capital flows, providing additional support for the upward movement of the A-share market [1]