CITIC Securities says A‑shares will win over the long term: the market’s upward trend is intact, aggregate market capitalization is solid and investment opportunities are broad; a handful of individual-stock bubbles exist but there is no systemic risk, and industry upgrading and earnings growth are substantial. By contrast, US equities carry high market‑wide bubble risk despite technology and monetary edges, with industrial hollowing and price froth posing systemic vulnerabilities. It lists eigh

CITIC Securities says A‑shares will win over the long term: the market’s upward trend is intact, aggregate market capitalization is solid and investment opportunities are broad; a handful of individual-stock bubbles exist but there is no systemic risk, and industry upgrading and earnings growth are substantial. By contrast, US equities carry high market‑wide bubble risk despite technology and monetary edges, with industrial hollowing and price froth posing systemic vulnerabilities. It lists eight comparative advantages for A‑shares: 1) total market‑cap level, providing a safety‑margin advantage; 2) lower leverage scale, supplying superior liquidity conditions; 3) different monetary/credit profile, yielding a sovereign‑credit advantage; 4) a domestic AI development model, offering AI outlook advantages; 5) faster industry renewal, enabling quicker adoption of new sectors; 6) higher‑quality industrial chains; 7) stronger industry earnings performance; 8) greater future revaluation potential.