CICC Strategy: A-shares are bottoming out, focus on policy responses

The article states that looking ahead, with the prospect of China's stable growth policy expected to be strengthened, and the continuous improvement of the institutional framework under the current capital market policy dividend, investor confidence is expected to be reinvigorated. On the overseas front, under the benchmark scenario, we believe that the US economic growth is slowing down but may not necessarily be in recession. Employment and retail data show that the US economy still has resilience. Slowing inflation data supports the Fed's rate cut in September, coupled with improved sentiment, which stabilizes and rebounds the US stock market. The impact of the previous unwind of carry trades in the Japanese market is gradually diminishing, and the stabilization of external markets also helps to mitigate the risk appetite of domestic investors