Guosheng Securities chief economist Xiong Yuan said coordinated capital-market
reforms are reversing the prior "financing over returns" cycle, creating a
virtuous loop of listed-company quality improvement, stronger shareholder-return
mechanisms and greater willingness by long-term capital to allocate to A-shares.
Institutional gains are slow to materialize, but reforms raise the certainty of
A-share long-term returns, steer market pricing back to fundamentals and bolster
medium- to long-term allocation confidence.
