William Wong, UBS: A-shares have more potential for upward movement than H-shares.

How long can the heat in the A-share market last? Wang Zonghao, the head of stock strategy research at UBS Investment Bank in China, analyzed that overall, H-shares are likely to consolidate in the short term, while A-shares seem to have greater upside potential. First, although A-share financing balance has recently increased, the proportion of market value is still relatively low; second, bank deposit balance continues to grow strongly, indicating that more deposits may enter the market as the stock market rises; third, trading volume remains high, which may encourage more opportunistic investors to join. In addition, compared to other major regions, A-share valuation is not considered high. He also mentioned that factors such as regulatory intervention, significant overseas market pullback could reverse the recent uptrend in stock prices, but the possibility is low at the moment. October's policy support is another factor, and it is expected that investors will have some expectations - if the economy weakens in the third quarter, policies will provide a certain bottom-line support.