林园最新发声：A股仍处牛市前夜，风险水平并不高

Core Viewpoint - The company is optimistic about the Chinese stock market, indicating that while it is uncertain if the A-share market has officially entered a bull market, it is in the process of evolving towards one. The overall market risk is considered manageable and not high [1][3]. Summary by Relevant Sections - The company presents two main reasons to support its viewpoint: - Despite some indices reaching new highs recently, the majority of companies representing the A-share market are still at historically low price and valuation levels compared to the past twenty years. It is noted that most retail investors are still losing money, which suggests that the market is not high [3]. - The current sentiment in the A-share market is rational, with a calm trading atmosphere and no signs of overheating or bubble formation. The company argues that bubbles are a natural product of economic development and that a moderate bubble can be beneficial for societal progress [3]. - The company emphasizes that the wealth effect generated by rising stock prices can significantly enhance consumer willingness to spend, thereby invigorating the overall economy. It highlights that human behavior tends to adjust consumption levels based on asset conditions, and rising asset prices can directly boost consumer confidence and spending behavior [3].