Boshi Macro stated that in terms of A-shares, viewed from the three Indicators framework, the A-share EPS earnings on the numerator side and the US dollar liquidity on the denominator side continue to face headwinds. The change lies in the net Inflow speed of the financing volume representing market liquidity and the risk appetite both turning negative. In the short term, A-shares are under pressure, and the correction for the overcrowded short-term Trade in Small Cap has just begun. With the risk-free interest rate declining and continuous net Inflow into HONGLIETF, CNI Large Cap.Low Volatility Index Assets have a relative advantage.
博时宏观：短期A股承压，红利资产相对占优
Boshi Macro: A-shares are under pressure in the short term, while dividend Assets are relatively superior.
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