CITIC Securities: The downward trend of the A-share market has been reversed and the bottom is clear.

Jinshi data, October 9th, CITIC Securities research report believes that the overall judgment for the future is as follows: First, the bottom is clear, and the trend is reversed. Judging from the aspects of policy triggering, valuation level, improvement of sentiment, and external environment impact, the downward trend of the A-share market has been reversed, the bottom has been clearly defined, and a new cycle of asset price pump has officially arrived. Second, short-term sentiment boost, fast bull rise. In the short term, affected by factors such as the concentrated release of previous backlog sentiment, communication during the holiday period, and resonance of sentiment in the Hong Kong stock market, a large amount of retail money entering the market, the market is expected to rise rapidly in the short term, reaching a new high in the stage. Third, long-term oscillation and upward move, slow bull trend. In the long run, with the continuous influx of incremental funds into the market, and the liquidity tools of direct non-bank Financial Institutions newly established by the People’s Bank of China, the market is expected to form a slow bull pattern of continuous upward movement in the oscillation.