暴涨，熔断！中国资产，大爆发！

Core Viewpoint - The article highlights a significant rebound in Chinese assets, driven by improved market sentiment and expectations of high dividend payouts from Chinese companies, which are projected to reach a historical high of 3 trillion yuan by the end of 2025 [2][9][10]. Market Performance - On July 8, U.S. stock indices showed mixed results, while Chinese assets surged, with the Nasdaq China Golden Dragon Index rising over 2% at one point [1][4]. - The two-times leveraged ETF for Chinese internet stocks increased by 5%, and the three-times leveraged FTSE China ETF rose by 2.87% [4]. - Notable performances included Huami Technology, which surged over 107%, and other Chinese stocks like Lake Biotech and Mushroom Street, which rose by over 40% and 24%, respectively [4]. Market Sentiment and Analysis - Analysts noted that concerns over tariff risks have been postponed, leading to an increase in market risk appetite and a stock market rebound [2][5]. - Goldman Sachs projected that by the end of 2025, Chinese onshore and offshore listed companies will distribute a total of 3 trillion yuan in dividends, marking a historical high [9][10]. - The report indicated that the current low-interest environment would attract more investors to Chinese companies, potentially increasing their valuations [10][13]. Dividend and Buyback Insights - Goldman Sachs emphasized that if Chinese companies' dividend rates reach the average levels of Asia and Europe, A-share valuations could rise by 15% to 25% over the next decade [14]. - The report also stated that if companies allocate 10% of their total cash expenditures to dividends or buybacks, it could enhance their valuations by 14% on average [13]. Policy Impact - The article references the "New National Nine Articles" policy aimed at enhancing cash dividend regulations for listed companies, which is expected to drive higher cash returns for shareholders [12].