林园最新发声：A股仍处牛市前夜，风险水平并不高

Core Viewpoint - The A-share market is currently in a phase leading towards a bull market, with overall risk levels being manageable and not high [2]. Summary by Relevant Sections Market Outlook - The chairman of Shenzhen Linyuan Investment, Lin Yuan, expressed strong optimism regarding the Chinese stock market, indicating that while it is uncertain if the A-share market has officially entered a bull market, it is evolving towards that direction [2]. Risk Assessment - Lin Yuan highlighted that despite some indices reaching new highs recently, the majority of companies representing the A-share market are still at historically low price and valuation levels compared to the past two decades. He noted that most retail investors are still experiencing losses, suggesting that the market is not overvalued [2]. - He also pointed out that the current market sentiment is rational, with a calm trading atmosphere and no signs of overheating or bubble formation [2]. Economic Implications - Lin Yuan emphasized that the wealth effect generated by rising stock prices can significantly enhance consumer willingness to spend, thereby invigorating the overall economy. He mentioned that human behavior tends to adjust consumption levels based on asset conditions, and rising asset prices can directly boost consumer confidence and spending [2].