报告：投资者对股票市场情绪有所回暖

Group 1 - The core viewpoint of the report indicates that investor sentiment towards the stock market has improved, as reflected in the findings of the 2025 Q3 Investor Sentiment Survey released by Changjiang Business School [1][3] - Since Q4 2024, various measures have been implemented to boost the stock market, contributing to a rising trend in A-shares [3] - The report identifies three main factors driving the recent A-share market uptrend: 1. Policy support, including multiple liquidity releases by the central bank and increased public investment in infrastructure [3] 2. Breakthroughs in technology innovation leading to the emergence of globally influential companies, particularly in sectors like semiconductors and automation equipment, which have shown significant year-on-year price increases [3] 3. Proactive and systematic strategies in response to trade frictions, enhancing market confidence in China's economic and technological self-reliance [3] Group 2 - Liu Jin, a professor at Changjiang Business School, noted that the A-share market's rise over the past year reflects a partial recovery in investor confidence, but a long-term bull market requires strong fundamental support [4] - Key aspects of fundamental development include the transition of the economic structure from investment to consumption, technological innovation, industrial upgrading, and the active participation of private enterprises [4]