中国市场观察_为何由流动性驱动的反弹行情仍有上行空间-China Musings_ Why the liquidity-driven rally has further to go

past 2 weeks, with A-share large and small caps surging 8% and 10% since August on record volumes, and H shares making new year-to-date/4-year highs in 2 out of the past 5 trading days. The rally has manifested against a backdrop where macro statistics are showing signs of cyclical softness and consensus profit revisions are muted, prompting investor questions about the durability of this liquidity-driven rally. We note that "liquidity" has boosted equity returns globally, and with (i) China equity multiple ...