“The effectiveness of many steady growth policies continues to be unleashed, the potential for domestic demand is gradually being tapped, and the fundamentals of China's long-term economic growth are stable.” Zhang Jun, chief economist at Galaxy Securities, told First Finance. Zhang Jun analyzed that in terms of the domestic economy, new quality productivity is being implemented at an accelerated pace, the digital economy, high-end equipment, and cutting-edge science and technology innovation circuit are being iterated and accelerated, new and old kinetic energy continues to be transformed, and the industrial structure continues to improve and optimize. At the market level, he mentioned that last week, there was a significant correction in the US stock technology sector, triggering a weakening of global equity market sentiment. The data showed that the NASDAQ fell 4.48% in a single week, and the S&P 500 index fell 1.95%. “The root cause of this round of US stock adjustments is the restructuring of overseas macroeconomic expectations, compounded by phased valuation digestion in the overvalued AI sector. It is not a systemic risk outbreak.” he said. Regarding the A-share market, Zhang Jun believes that fluctuations in the external market have caused short-term emotional disturbances and have not changed the core pricing logic of A-shares. Combining the policy level, he further analyzed that in the capital market, basic system reforms have been advanced in depth, the operating quality of listed companies has been steadily improved, and the resilience of the market to risk continues to increase.

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