China Securities Co., Ltd. stated that the A-share market has not ended, and remains optimistic about the Chinese stock market. The core pricing logic of China's assets is domestically based; whether it can overcome insufficient demand is the key to the current shift from a bear to a bull market. Domestic demand is anchored in real estate, and after three years of continuous decline (starting from 2022), this year's sales area has already fallen below the potential midpoint, showing signs of overselling. This also points to a possibility: as long as the policy direction and intensity are appropriate, the real estate sector can stabilize in stages. Since the key contradictions have been accurately grasped and the policy direction has clearly shifted, the future recovery of domestic demand only requires the right intensity and rhythm of policies. For this reason, there is an optimistic outlook for the Chinese stock market.