中金：短期冲击不改中期趋势 中国资产重估仍在延续

Core Viewpoint - The recent unexpected events have significantly disturbed major global assets, but the medium-term trend remains unchanged, with ongoing revaluation of Chinese assets [1] Group 1: Market Impact - The short-term impact of the recent events on A-shares is expected to be weaker than the situation in early April, as the market had already priced in severe and rapid adjustment expectations at that time [1] - China's quick and effective response during the previous incident is likely to reduce investor concerns about similar shocks in the future [1] Group 2: Future Outlook - In the short term, the recent events may affect risk appetite, potentially extending the market adjustment that began at the end of August [1] - From a medium-term perspective, the global monetary order is accelerating its restructuring, leading to a decline in the safety of dollar assets, while renminbi assets will continue to be revalued [1] - Factors such as upcoming policy plans like the "14th Five-Year Plan," positive trends in the technology sector, and relatively reasonable overall valuation ranges for A-shares suggest that the current market conditions may be more conducive to long-term and stable growth [1] - If A-shares experience irrational overshooting due to short-term emotions, it may provide a favorable opportunity for reallocation into A-shares [1]