Core Insights - The A-share market's performance relies on four key conditions: liquidity easing, economic improvement, policy support, and low valuations, which are currently showing significant imbalance [1][2] Group 1: Policy Support - Policy support is fully in place, with strong determination and efforts evident in industrial policies and capital market reforms, providing a solid policy foundation for the market [1] Group 2: Valuation and Market Expectations - Overall valuations reflect optimistic expectations for future growth but also impose higher requirements for earnings realization [1] Group 3: External Liquidity - Positive changes in external liquidity have emerged following the Federal Reserve's interest rate cuts, alleviating global liquidity tightening pressures and supporting the RMB exchange rate, which may attract foreign capital back to emerging markets, benefiting A-shares, particularly in interest-sensitive technology growth sectors [1] Group 4: Economic Recovery - The current economic situation is on a weak recovery path, with a need to boost effective social demand; the sustainability of corporate earnings recovery from localized to widespread levels is fundamental for market confidence [1][2] Group 5: Market Outlook - The reduction of external constraints and proactive internal policies suggest that a structural market trend may continue, but a comprehensive market rally awaits stronger and broader profit growth driven by economic fundamentals [2]