迎接中国资产的重估

Report Industry Investment Rating - The industry rating is "Overweight", indicating an expected increase of over 10% in the industry index relative to the benchmark index in the next 6 - 12 months [23] Core Viewpoints - The report suggests that China's assets are undergoing revaluation. In the face of external shocks such as the recent US - Iran conflict, the A - share market shows strong resilience. Whether the US - Iran conflict eases or intensifies, the A - share market has good prospects. If the conflict eases, the interrupted spring rally will continue; if it intensifies, China's relative advantages in geography and industrial structure make it a "safe" market. The inflow of northbound funds and the low valuation of the A - share market also support the revaluation of Chinese assets, and a slow - bull pattern is emerging [3][21] Summary by Directory Introduction: The Advantages of A - share Market under External Shocks - The A - share market has shown strong resilience in the face of external disturbances such as the 2020 global pandemic and the 2025 tariff shock. After short - term "extreme drops", the Shanghai Composite Index can quickly digest the impact and rebound, often stabilizing earlier than other external markets [6] I. A - share Market with Low Absolute Valuation and "Valley" Effect - Despite the bull market in the A - share market since last year, its gains in the 1 - year and 3 - year dimensions have lagged behind other Asia - Pacific markets. In February 2026, the Nikkei 225 and the South Korean Composite Index had significant gains, while the Shanghai Composite Index had a small increase and the Hong Kong stock market declined. The PE - TTM of the Shanghai Composite Index is significantly lower than that of other core markets, such as the S&P 500, the South Korean Composite Index, and the Nikkei 225, showing a "valuation valley" [10][12] II. Revaluation of Chinese Assets: Continuous and Substantial Inflow of Northbound Funds - Northbound funds' trading volume has increased significantly, and the speed of foreign capital entering the Chinese market has accelerated. As of March 13, 2026, the cumulative trading volume of northbound funds has reached 103.82 trillion yuan, a year - on - year increase of 57.3% compared with the same period in 2025. The proportion of northbound funds in the total A - share trading volume has also been rising steadily, indicating that Chinese assets are becoming more attractive for global allocation. This inflow is based on long - term investment in China's macro - economic recovery and policy stability, and a slow - bull pattern has initially emerged [15][17] III. Navigating Volatility and Seizing Revaluation Opportunities - The market rhythm has changed. The spring rally layout at the beginning of the year entered a cooling - off phase in mid - January. However, the repeated US - Iran conflict and the previous narrative of technological deflation have extended the time window of the spring rally, providing more time for market adjustment and structural layout. Historical experience shows that external disturbances are usually short - term emotional catharsis and risk - clearing processes, not the end of the bull market. With the low valuation of the A - share market and the continuous inflow of northbound funds, the A - share market's repair prospects are more optimistic [20][21]