长城基金：大类资产波动加大，A股长期向好逻辑未改

Core Viewpoint - The A-share market is currently in a phase of consolidation after a period of overheating, with regulatory measures being implemented to maintain stability [1][4]. Group 1: Market Conditions - Recent volatility in major asset classes has led to a correction in previously overheated sectors such as commercial aerospace and AI applications [1][4]. - The precious metals market has experienced extreme conditions, with profit-taking behavior causing a phase adjustment after a period of gains influenced by a weak dollar and comments from Trump [1][4]. Group 2: Long-term Market Outlook - The long-term foundation of the A-share market remains solid due to continued policy support, including significant investments in AI and technology sectors as outlined in the "14th Five-Year Plan" and a 4 trillion yuan investment plan by the State Grid for infrastructure [2][5]. - Economic fundamentals are showing marginal improvement, with the manufacturing PMI expected to return to the growth line by December 2025, and CPI turning positive for three consecutive months, alongside better-than-expected export performance [2][5]. - The funding environment is favorable, with long-term capital from insurance and foreign investments continuing to flow into A-shares, and a recovery in personal investors, stock ETFs, and public equity fund issuances [2][5]. - The RMB is entering a long-term appreciation cycle, which is expected to benefit the A-share market through increased inflows of incremental capital [3][6].