四大逻辑驱动A股投资者信心持续修复

Group 1 - The core viewpoint of the article emphasizes the recovery of investor confidence in the A-share market, driven by a shift from "gambling on uncertainty" to "embracing certainty" [1] - The first logic driving this confidence is the continuous improvement of the macroeconomic governance system, which solidifies the foundation of policy certainty [1] - There is a significant enhancement in the consistency of macro policy orientation, with coordinated monetary, fiscal, and industrial policies creating a stable expectation for the market [1] Group 2 - The second logic is the realization of "new productive forces" performance, with tangible profits constructing a growth engine [2] - Industries related to new productive forces, such as semiconductors, have shown rapid revenue and profit growth since last year [2] - The evolution of China's manufacturing "going out" strategy is shifting from mere product exports to the export of brands, technology, and management models [2] Group 3 - The third logic is the trend of declining risk-free interest rates, leading to a systematic revaluation of equity assets [3] - As domestic risk-free interest rates enter a downward trend, the long-term return advantages of equity assets, especially high-dividend and high-growth companies, become more pronounced [3] - The growth of institutional investors in China is driving a systematic restructuring of the equity asset pricing system towards models that emphasize long-term cash flow and intrinsic value [3] Group 4 - The fourth logic involves the deepening consensus among domestic and foreign capital, creating a new market value ecosystem [4] - Externally, China's economy demonstrates strong resilience and certainty, enhancing the "stability anchor" property of RMB assets [4] - Internally, the structure of market micro-subjects is improving, with long-term capital such as insurance funds steadily increasing their allocation to equity assets [4]