Bao Chengchao, chief strategist at CITIC Securities, said A-share investment
value has risen with China’s economic upgrade and ongoing capital-market reform.
Fundamentals: the A-share market is in an earnings upcycle; this year’s inf
recovery has supported company profits, with marked improvement in financials,
innovative drugs, new energy, nonferrous metals and chemicals, and a shift from
single-theme to multi-source market pricing. Industry: global AI capex remains
in expansion and China’s AI supply chain leads on compute, models and
applications. Manufacturing: after years of transformation Chinese manufacturing
now has one of the most complete global supply chains and a roster of R&D-strong
industrial leaders. Since the new "Guo Jiu Tiao" measures, A-share dividend
payouts have continued to expand, providing steadier investor returns.
