CICC: A-share as seen from a macro perspective as a "water buffalo"

Zhongjin Securities released a research report pointing out that although the nominal economic growth rate in the second quarter was not high and prices remained relatively low, there has recently been a relatively rapid upward trend in the A-share market. Both the United States and Japan have experienced stock market rallies during the downward phase of the financial cycle, which is metaphorically referred to as a "buffalo market". Referring to international experiences, if policy measures are intensified, especially in addressing debt and improving balance sheets, there is still room for improvement in market sentiment.