CSC Financial says after a short rebound investors diverge on Q3 A-share outlook. Across fundamentals, liquidity and risk appetite, the research house sees no reversal in the broad fundamental trend but notes materially more disruptive factors than in 1H. Expect higher-frequency and larger-amplitude short-term rebalancing than in Q2. Conditions for a mid‑cycle, large-scale regime shift are not yet in place; outcomes hinge on policy/measures actually being implemented.