A股市场集体上涨，成长ETF涨5.28%，创业板成长ETF涨4.94%

Core Viewpoint - The A-share market experienced a collective rebound, with significant increases in major indices, driven by expectations of monetary easing following disappointing U.S. employment data [1][3]. Market Performance - The Shanghai Composite Index rose over 1%, while the ChiNext Index increased by more than 3% [1]. - The total trading volume in the Shanghai and Shenzhen markets reached 1.81 trillion, an increase of 87 billion compared to the previous trading day [1]. Growth ETFs - The Growth ETF surged by 5.28%, and the ChiNext Growth ETF rose by 4.94%, with the E Fund ChiNext Growth ETF increasing by 3.81% [3]. - The National Growth 100 Index, which the Growth ETF tracks, employs a unique compilation method that focuses on multiple profit growth indicators to identify genuine growth stocks [3]. Institutional Outlook - Major institutions like UBS, JPMorgan, and Fidelity believe that Chinese assets have a solid foundation for continued rebound due to profit growth, accelerated innovation, and attractive valuations [3]. - The consensus among international institutions is that the core driver for Chinese assets will shift from "valuation repair" to "profit growth" by 2026 [4]. Profit Growth Drivers - JPMorgan identified corporate earnings as a key variable for the next phase of asset appreciation in China, while Goldman Sachs noted a transition from valuation-driven to profit-driven market dynamics [4]. - The expected recovery in corporate earnings is supported by factors such as anti-involution policies, global demand for AI, and growth opportunities from companies expanding overseas [4]. Future Projections - Goldman Sachs anticipates that the Chinese stock market could reach historical highs by 2027, driven by a significant increase in earnings per share (EPS) growth, projected to rise to approximately 12% in 2026 [5]. - This EPS growth is expected to surpass historical averages from 2015-2020 (6%) and 2020-2024 (8%), indicating a qualitative leap in profit momentum [5]. - Key indices are projected to achieve a 30%-40% increase by the end of 2027, marking a potential historical peak [5]. Long-term Trends - Although these dynamics may not immediately reflect in stock prices, they are gradually being incorporated into long-term funding pricing models [6].