Core Viewpoint - The medium-term upward trend of the index remains intact despite potential short-term volatility risks, with the key to determining the end of the current market cycle lying in whether the underlying logic has changed [1] Group 1: Market Dynamics - The current global monetary order reconstruction is still in its early stages, and China's innovation momentum and industrial chain advantages continue to strengthen [1] - A-shares and Hong Kong stocks are still undervalued, indicating that there is still room for revaluation of Chinese assets [1] Group 2: Short-term Factors - Short-term liquidity is benefiting from residents' "deposit migration" and emotional recovery, but caution is advised regarding non-linear volatility caused by "animal spirits" [1] Group 3: Policy Implications - The effectiveness of fiscal, monetary, and structural policies in countering low inflation and weakening credit is crucial for repairing corporate and household balance sheets, stabilizing profits and employment, and reinforcing optimistic expectations to drive sustained market inflows [1]
中金：中期指数上行趋势并未结束