Recently, the global capital market has experienced a round of obvious adjustments. Gao Yi Asset believes that the influencing factors are mainly the trend tightening of US dollar liquidity and concerns about the return on AI investment. Regarding the current market, Gao Yi Asset believes that the long-term return on equity investment comes from the three levels of corporate profit, valuation changes, and shareholder return systems. Currently, A-shares have improved at all three levels. At the level of corporate profits, the main contributing factor to the steady recovery in corporate profits comes from the steady recovery in PPI on the one hand, and from the development of the AI industry on the other. At the valuation level, looking at the annual data for the past ten years, only 2018 is comparable to the current level. This means that the market may have priced some of this year's pessimistic expectations well enough. In terms of the shareholder return system, judging from the dividend trend, the overall dividend ratio of Wandequan A Index constituent stocks has increased from 33% to 47% in the past ten years, and it also supports mid-term dividends and multiple dividends during the year.

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