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Institutions: A-share risk appetite repair window opens as policy and liquidity align
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According to a September 24, 2026 article on cfi.cn, China's production side has rebounded significantly, supported by improving external demand and a low base effect. While domestic demand remains weak, the implementation of stable-growth policies is showing initial results, strengthening expectations for economic recovery in the fourth quarter. Overseas, the US Federal Reserve's rate hike cycle is essentially over, with a weakening US dollar and falling US Treasury yields significantly easing external liquidity pressure. Recent institutional research reports indicate that A-share risk appetite is expected to enter a sustained repair window. The reports argue that policy effects are transmitting from infrastructure investment to consumption and real estate chains, fiscal spending is accelerating, and valuations are at historical lows, limiting downside market space. The reports suggest that growth and manufacturing sectors, particularly those benefiting from export chain recovery and equipment renewal policies, may outperform. The core driver has shifted from pure earnings verification to a resonance of policy expectations and liquidity improvement. The reports recommend focusing on external demand-sensitive cyclical stocks and the domestic demand recovery theme, noting that short-term speculative opportunities are diminishing while trend opportunities are 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 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 A-share risk appetite is poised to enter a window of sustained repair. According to these reports:
- Policy effects are now transmitting from infrastructure investment to the consumption and real estate chains.
- Fiscal spending is accelerating.
- Combined with valuations at historically low levels, the downside for the market is limited.
In terms of 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 reports emphasize that the core driver has shifted from pure earnings verification to a resonance between policy expectations and liquidity improvement. In terms of allocation, they recommend 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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