联博最新发声：A股整体估值比较有吸引力！

Group 1 - The overall valuation of A-shares is considered attractive, with a focus on dividends, new productivity, and new consumption sectors [2][3] - The market sentiment has stabilized due to easing trade tensions, leading to a general rise in risk assets [3] - The Chinese economy is transitioning from high-speed growth to high-quality development, necessitating a reduction in debt-driven growth [3] Group 2 - The expectation is that the actual interest rate will remain around 1.7%, indicating a stable state for the A-share market [3] - Companies with healthy cash flows and sustainable return on equity (ROE) growth are expected to perform well in a low-interest-rate environment [3][4] - The increase in stock buybacks and dividend distributions by listed companies reflects a positive trend in the long-term investability of the Chinese capital market [4] Group 3 - The U.S. macro environment is characterized by high long-term bond yields, with expectations that U.S. Treasury rates will remain above 4% [5] - The U.S. stock market shows strong growth potential, particularly in sectors related to artificial intelligence and large tech export companies [5] - The Chinese bond market is expected to maintain a downward trend in interest rates, supporting economic growth and reducing corporate financing costs [5]