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Institutions: A-share risk appetite repair window opens as external demand recovers and policies take effect
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According to a report from CFi.CN, citing institutional research, China's A-share market is entering a window for sustained risk appetite repair. The analysis attributes this to a rebound in production supported by improving external demand and a low base effect, alongside initial signs of effectiveness from domestic stable-growth policies, which strengthen expectations for economic recovery in the fourth quarter. Externally, the report notes that the US Federal Reserve's rate hike cycle is largely over, with a weakening US dollar and falling US Treasury yields significantly easing external liquidity pressures. The research suggests that policy effects are transmitting from infrastructure investment to consumption and real estate chains, with accelerated fiscal spending and historically low valuations limiting downside. The report indicates that growth and manufacturing sectors, particularly those benefiting from export chain recovery and equipment renewal policies, may outperform. It emphasizes that the core driver has shifted from pure earnings verification to a resonance of policy expectations and liquidity improvement, recommending a focus on external demand-sensitive cyclical stocks and domestic demand recovery themes, with short-term speculative opportunities diminishing and trend opportunities accumulating.
Source report
Date: September 24, 2026 16:21:40 Source: CFi.CN
Data indicates that production has rebounded significantly, supported by improving external demand and a low base effect. While domestic demand remains relatively weak, the implementation of steady-growth policies has begun to show initial results, strengthening expectations for an economic recovery in the fourth quarter.
On the international front, the Federal Reserve's interest rate hiking cycle has largely concluded. The weakening of the U.S. dollar and the decline in U.S. Treasury yields have notably alleviated external liquidity pressures.
Recent institutional research reports suggest that the A-share market's risk appetite is poised to enter a sustained repair window. According to these reports:
- Policy effects are now transmitting from infrastructure investment to the consumption and real estate chains.
- The pace of fiscal发力 is accelerating.
- Combined with valuations at historical lows, the downside risk for the market is limited.
In terms of market style, the reports indicate that growth and manufacturing sectors are likely to be more favored, particularly sub-sectors benefiting from export chain recovery and equipment renewal policies.
The research emphasizes that the core driver has shifted from pure earnings verification to a convergence of policy expectations and liquidity improvement. In terms of allocation, it recommends focusing on:
- External demand-related elastic stocks
- Domestic demand recovery themes
While short-term speculative opportunities are diminishing, trend-based opportunities are accumulating.
Source
中财网-行业新闻Eastern
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