The intrinsic stability of the capital market has been further enhanced, and the mid-term bullish logic for A-shares remains unchanged.

On October 19, CSRC Chairman Wu Qing delivered a speech at the opening ceremony of the 2026 Financial Street Forum Annual Conference, setting out systematic arrangements on the market stabilization mechanism, the entry of medium- and long-term capital into the market, inclusive reform, and other matters, and proposing a number of major measures including promoting the further improvement of a long-cycle assessment mechanism suited to long-term investment. Seven brokerage chief economists or strategistsBao Chengchao of CITIC Securities, Liu Chenming of GF Securities, Li Qiusuo of CICC, Wang Sheng of Shenwan Hongyuan, Ye Fan of Southwest Securities, Long Hongliang of Wanlian Securities, and Deng Shubin of Central China Securitiesunanimously agreed in interviews with the Securities Times that the speech released positive signals of stabilizing the market, attracting long-term capital, and promoting reform; the intrinsic stability of the capital market is expected to be further enhanced; the entry of medium- and long-term capital into the market is moving from mechanism building toward product-based implementation; the micro-level foundation for listed companies' shift from "focusing on financing" to "focusing on returns" continues to be consolidated; the value of Chinese asset allocation is further highlighted; and the logic for a medium-term uptrend in A-shares remains unchanged.