策略快报：A股持续修复具备三项积极因素支持

Core Insights - The report highlights that the A-share market has been supported by three positive factors since February 2024, leading to a stronger-than-expected recovery in market valuations [6][7] - The adjustment of the securities lending system to "T+1" has effectively controlled the short-selling activities in the A-share market, with the margin balance decreasing by 28.86% from 596.19 billion yuan to 424.11 billion yuan [7] - Strict regulatory measures on IPOs have fundamentally alleviated the supply-demand imbalance in the market, with 73 companies withdrawing their IPO applications as of March 19, 2024 [7] - Foreign capital inflows have exceeded expectations, with net purchases of A-shares reaching 66.43 billion yuan in 2024, surpassing the total net purchases of 43.7 billion yuan in 2023 [7][10] Summary by Sections Market Recovery Factors - The A-share market's recovery is driven by improved liquidity, economic stabilization expectations, and regulatory changes that have curtailed short-selling [6][7] - The transition to a "T+1" system for securities lending has reduced the short-selling balance significantly, indicating a tighter control over speculative activities [7] Regulatory Environment - The China Securities Regulatory Commission (CSRC) has emphasized strict IPO approval processes to prevent "problematic" companies from entering the market, resulting in a wave of IPO withdrawals [7][10] - The regulatory focus on enhancing the quality of listed companies aims to ensure that A-shares remain viable long-term investment options [10] Foreign Investment Trends - Recent trends show a strong recovery in foreign investment in A-shares, with significant net buying activity from global funds, reflecting improved perceptions of the Chinese market [7][10] - The report notes that despite rising U.S. Treasury yields, foreign capital continues to flow into A-shares, indicating confidence in the market's structural improvements [10]