I won't talk about riddles here anymore, let's chat about A-shares. Although the correlation is not strong in the square.

After the original faction's Yi Huiman stepped down, A-shares have shown a stable and long-term upward trend.

Moreover, the garbage IPOs brought by the previous registration system will also be cleared, and A-shares have emerged from the cash-out vortex🌀

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Goldman Sachs also pointed out in its research report on 11/21 that A-shares have entered a five-year slow bull cycle.

It is expected that key indices will rise by 30%-40%. Although the MSCI China Index has rebounded by 80% from its low in 2022, from the perspectives of policy, profit, valuation, funds, and the changes in the China Securities Regulatory Commission, the subsequent rise is more sustainable.

Monetary easing has also shifted from the real estate market to the stock market.

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What is worth paying attention to?

1. AI, anti-involution, and overseas expansion driving EPS growth to 12%.

- Overall AI spending has increased, high-margin industries are recovering, and high-end manufacturing accounts for 16% (up from 13.6% in 2021), significantly enhancing global competitiveness. At the same time, the drag from real estate has significantly slowed, and institutional risks have eased.

2. The top ten leaders, the fifteen-five profit stocks, AI, and overseas leading companies are future growth opportunities.

- Despite a strong performance this year, Goldman Sachs still maintains overweight.

3. The market has shifted from 'hope' to a turning point of 'growth', with policy becoming a stronger and more stable driving force.