A股涨了，信心回来了吗？长江商学院调查显示六成以上投资者看涨
Jing Ji Guan Cha Bao·2025-09-24 03:30

Group 1 - The core viewpoint of the article discusses the recovery of investor sentiment towards the A-share market, with 63.1% of respondents believing that A-shares will rise, an increase of 1.6 percentage points compared to April 2025 [1][4] - The report indicates that the willingness to invest in stocks has increased, with a net increase of 18.9% in respondents willing to invest, up by 6.2 percentage points from the previous survey [1][4] - The report highlights that the recent rise in A-shares is primarily driven by valuation recovery rather than improvements in the fundamentals of listed companies [5][6] Group 2 - The A-share market has seen significant fluctuations, with the Shanghai Composite Index rising by 17.7% from May to August 2025, following a decline of 2.2% from January to April 2025 [3] - The report notes that the average return of all A-shares was approximately 40.2% in August 2025, with a 43.6% increase in price-to-earnings ratios compared to the previous year [6][7] - The recovery in A-share valuations is attributed to three main factors: monetary policy easing, fiscal expansion, and advancements in technology and innovation [7][8] Group 3 - Investor expectations for economic growth have improved, with 38% of respondents believing GDP growth will exceed 5%, an increase of 4.8 percentage points from the previous survey [9] - Expectations for the net profit growth of A-share listed companies have also risen, with 47.8% of respondents anticipating growth exceeding 10%, up by 6.6 percentage points [9] - Despite the positive sentiment in the stock market, there remains a prevailing pessimism regarding the real estate market, with only 46.3% of respondents expecting housing prices to rise, a decrease of 6.2 percentage points [10][11] Group 4 - The article emphasizes that while market confidence has improved, a sustained bull market requires strong fundamental support, including a shift from investment to consumption, technological innovation, and active participation of private enterprises [12]