Huafu Securities Chen Xing: A-share valuations have fully priced in cautious expectations, and the allocation value of equity assets is gradually becoming prominent.

Chen Xing, Chief Macro Analyst at Huafu Securities, stated that the valuation of core assets in the A-share market has already fully reflected cautious market expectations, and the allocation value of the equity market is gradually becoming prominent. Going forward, as long as the earnings side stabilizes at the margin and liquidity expectations recover moderately, equity assets will have upward repricing elasticity. He advised investors to avoid short-term emotional interference, refrain from panic selling, focus on high-quality targets with a good match between performance and valuation, and maintain a rational and patient approach to positioning.