Group 1 - The core drivers for the future rise of A-shares are policy support, liquidity, and industrial upgrading [1] - A-share valuations have become high after nearly a year of expansion, but the equity risk premium (ERP) remains at a reasonable level due to the decline in the risk-free interest rate [1] - The long-term total factor productivity upgrade and technological transformation outlined in China's 14th Five-Year Plan will continue to catalyze structural market trends, although improvements in the earnings fundamentals still depend on enhanced policies [1] Group 2 - Before confirming improvements in the fundamentals, liquidity remains the key driver for the market [1] - The core themes for A-shares in the coming year are expected to be AI, self-control, and high value-added exports [1]
野村高挺：政策支持、流动性和产业升级是驱动A股后续上涨的核心动力
Cai Jing Wang·2025-11-17 14:48