Zhang Jun, chief economist and head of research at China Galaxy Securities, said last week’s US tech-led selloff weakened global risk sentiment but does not alter A‑share core pricing logic. Institutional reforms are advancing, listed companies’ operating quality is steadily improving and market resilience is rising. Valuations are overall low with ample margin of safety; CSI 300 P/E is about 13x, near its historical median, providing a valuation buffer. Earnings dynamics are shifting from scale

Zhang Jun, chief economist and head of research at China Galaxy Securities, said last week’s US tech-led selloff weakened global risk sentiment but does not alter A‑share core pricing logic. Institutional reforms are advancing, listed companies’ operating quality is steadily improving and market resilience is rising. Valuations are overall low with ample margin of safety; CSI 300 P/E is about 13x, near its historical median, providing a valuation buffer. Earnings dynamics are shifting from scale-driven growth to premiums tied to global competitiveness. Investors should prioritize fundamental quality improvement over short-term sentiment swings, treat overseas volatility as temporary, and position for long-term opportunities tied to new productive forces and high‑quality development.