JPMorgan's latest A-share research report for September indicates that the unexpected call for strong policy stimulus in the political meeting has fueled a strong rebound in A-shares. This round of rebound has three main drivers: decrease in short sell ratio, increase in margin trading, and investors' excitement. Specifically, as of September 30th, the short sell ratio in the Hong Kong market decreased from 21.8% on September 16th to 10.2%; the proportion of margin trading in A-shares total volume rose from 7.4% on September 20th to 10.5% on September 27th. JPMorgan believes that the excitement of retail investors and the surge in new account openings are evidence that global funds' exposure to the Chinese stock market may be narrowing. JPMorgan also predicts that from September 23rd to 27th, A-share ETFs saw a net inflow of 59.3 billion yuan (approximately 8.5 billion U.S. dollars). JPMorgan points out that the sustainability of A-share rebound lies in the strength of fiscal policies, macro data, and profit adjustments.