中金公司：中期仍不可忽视资金面影响

Core Viewpoint - The report from China International Capital Corporation (CICC) indicates that the A-share market is experiencing a relatively active capital situation, which supports market performance [1] Group 1: Market Activity - Since late September, the A-share market has entered an active state with a noticeable increase in financing balance and improved trading activity [1] - The financing balance has risen significantly, and there is a positive correlation between market financing balance and market performance [1] - The financing balance/free float market value has remained stable in the range of 4%-5% historically, and since the market's rise at the end of September, the financing balance has also increased [1] Group 2: Future Outlook - The current A-share market is in a historically active state, with new investors and margin trading being the main sources of incremental capital [1] - Data suggests that existing institutional investors have not significantly increased their positions during the recent market rise, indicating potential support for the market to continue its upward trend [1] - However, given the substantial prior gains and the proximity of major indices to previous highs, there may be short-term profit-taking that could lead to index fluctuations, which is a normal phenomenon during consolidation periods [1] Group 3: Policy Considerations - Looking ahead, attention should be paid to the implementation of policies and their impact on fundamental improvements once policy expectations shift [1]