Xin Lang Cai Jing·2025-11-25 00:50Group 1 - The core viewpoint of the report is that multiple factors support the performance of Chinese equities, maintaining a tactical overweight stance on A/H shares [1] - Global risk appetite has significantly declined, leading to increased asset volatility and panic selling, which has released substantial micro trading risks [1] - The importance of economic growth at the start of the 14th Five-Year Plan is highlighted, with an approaching policy window expected to establish new market expectations [1] Group 2 - The regulatory authorities show strong determination and action plans to stabilize the capital market in the short term [1] - Factors that previously caused valuation discounts in the stock market have been alleviated, with tail risks decreasing and the stabilization of RMB assets [1] - The Chinese capital market is in a cycle of valuation recovery and significant development, with considerable upside potential remaining [1] - Chinese equities offer a higher risk-return profile compared to other major asset classes [1]