CICC: Market has priced in overly pessimistic expectations; A-share medium-term positive trend remains unchanged.

The A-share market has recently experienced a pullback. In an interview with reporters, CICC stated that the external disturbances driving this round of adjustment are numerous and are mostly short-term and temporary in nature. Taking into account current A-share earnings performance, valuation levels, and the relative cost-effectiveness of stocks versus bonds, the market has already priced in excessively pessimistic expectations, and the long-term steady progress trend of the A-share market remains unchanged.