Shanghai Securities News front-page article: Policy support combined with rising corporate earnings, A-shares' medium- to long-term fundamentals continue to strengthen.

In the four trading days after the National Day holiday, the Shanghai Composite Index fluctuated repeatedly around the 3800-point level. Despite market volatility, capital rotated but did not exit. In the view of industry experts, the post-holiday market adjustment and structural divergence indicate that short-term fluctuations stem more from external disturbances and the short-term amplification of sentiment, representing a phase-specific adjustment at the expectations and trading levels. Going forward, as external disturbances ease at the margin, combined with policy support and rising corporate earnings, the medium- to long-term fundamentals of A-shares will continue to strengthen, and market sentiment is expected to recover.