国泰海通：A股行情不会止步于此 未来股指还会有新高

Core Viewpoint - The report from Guotai Junan Securities indicates that the Chinese stock market is expected to continue rising, with the Shanghai Composite Index surpassing 3,800 points, marking a ten-year high, despite increasing market divergence and concerns [1] Group 1: Market Outlook - Guotai Junan's strategy suggests that the Chinese stock market will not stop at current levels, with further highs anticipated [1] - The firm maintains a bullish outlook on China since 2025, driven by accelerated transformation, reduced economic uncertainty, and a downward trend in risk-free interest rates [1][1] - The report highlights that the overall valuation levels in the market are not high, with many blue-chip stocks priced low, indicating no overheating in the market [1][1] Group 2: Economic and Policy Factors - The anticipated increase in the probability of a Federal Reserve rate cut in September may provide an opportunity for the People's Bank of China to ease monetary policy and restart government bond trading [1] - Incremental economic support measures are expected to be introduced, further bolstering the market [1] Group 3: Investment Strategy - The report recommends increasing the allocation to mid-cap stocks or low-priced blue-chip stocks in September [1]