中金：当前A股市场估值合理且上行的底层逻辑并未发生动摇

Core Viewpoint - The report from CICC indicates that the A-share market has been experiencing a steady upward trend for over a year since September 2024, highlighting the need to consider market volatility as a future concern [1] Group 1: Market Analysis - CICC attempts to construct a methodology for identifying market "tops" by reviewing historical experiences and current conditions, which complements their previous research on identifying "bottoms" [1] - The constructed "top" signal scoring system suggests that the current market is relatively healthy, with reasonable valuations and an underlying logic for upward movement that remains intact [1]