HTSC(SH:601688) 券商中国·2025-08-28 10:25Core Viewpoint - The article highlights a generally optimistic outlook for the Chinese market, driven by improved liquidity and supportive fiscal policies, with a focus on the long-term revaluation of Chinese assets [1][4][5]. Group 1: Market Outlook - Multiple brokerages are optimistic about the continuation of policies and improvement in liquidity, indicating a positive trend for Chinese assets [1]. - The chief macroeconomic analyst at Huatai Securities, Yi Han, notes that the fiscal policy has exceeded expectations this year, leading to improved liquidity for residents, government, and markets [4]. - The chief strategist at Guojin Securities, Miao Yiling, describes the upcoming autumn outlook for the Chinese market as a "dawn," suggesting a stabilization and recovery in domestic manufacturing capital returns [5]. Group 2: Liquidity and Capital Flow - Liquidity is a central topic, with trading funds continuing to flow into the market, reaching the highest activity levels since 2016 [7]. - As of August 20, the net inflow of funds into A-shares accounted for approximately 2.1% of the free float market value, indicating a slight net inflow [7]. - Analysts suggest that household funds are gradually shifting from bank wealth management products to non-bank financial products and capital markets, indicating a potential increase in stock market investments [7]. Group 3: Investment Focus - Analysts recommend focusing on the technology sector, which is expected to become a structural feature of the market, similar to the Nasdaq [9]. - The Hong Kong market is seen as having advantages in sectors such as internet, software, new consumption, and innovative pharmaceuticals, which are currently experiencing positive trends [9]. - There is a suggestion to remain cautious of potential market volatility while maintaining a focus on key investment themes, particularly in physical assets and capital goods that benefit from the recovery of overseas manufacturing [9].