Bosera Fund Chief Strategy Analyst Chen Xianshun: A-share mid-term value is prominent.

Chen Xianshun, Chief Strategy Analyst at Bosera Fund, said in a recent interview with the Shanghai Securities News reporter that capital market reform is continuing to advance in depth, and the dividends embedded in reform still have ample room to be released. In the short term, market indices will maintain a range-bound pattern under the combined effect of sentiment fluctuations and changes in fundamentals. In the medium term, continued dividend payouts and share buybacks by listed companies will steadily reinforce the valuation safety margin, earnings improvement will drive a recovery on the profit side, and the entry of medium- and long-term capital will reshape the market pricing system; the valuation center of A-shares has a basis for upward movement, and A-shares have already shown prominent medium-term allocation value. Chen Xianshun said that when the marginal buyer shifts from trading-oriented capital to allocation-oriented capital with an assessment cycle of more than three years, both the volatility center and the valuation center of the market will be re-anchored.