Group 1 - The A-share ETF market has seen record trading volumes, with a peak of 7,155.35 billion yuan on January 14, followed by 7,492 billion yuan, marking two consecutive days of record highs [1] - Several broad-based ETFs have significantly increased their trading volumes, including the CSI 500 ETF and the CSI 300 ETF, each exceeding 25 billion yuan, while other ETFs surpassed 10 billion yuan [1] Group 2 - Global investors are refocusing on China, as indicated by a 10% year-on-year increase in attendance at UBS's Greater China Conference, with a 32% increase in attendees from outside the Asia-Pacific region [2][4] - This renewed interest is not driven by short-term sentiment but is based on a reassessment of growth structures and asset logic [3] Group 3 - Foreign capital is increasingly reflected in fund flows, with the allocation of Chinese assets in the portfolios of the top 40 global investment institutions reaching a new high in 2023 [4] - Active overseas funds are beginning to increase their holdings in Chinese assets, with both trading and allocation funds showing increased activity [5] Group 4 - UBS forecasts that A-share earnings growth will further improve by 2026, with a shift from reliance on the financial sector to non-financial enterprises, closely linked to nominal GDP recovery and industrial policy adjustments [6] - The current market is characterized by a structural recovery in earnings and low credit levels, indicating a long-term bullish trend for A-shares, supported by fundamental improvements and ample liquidity [6]