Xun Yugen, chief economist at Guoxin Securities, judged that there have been significant adjustments in the A-share market recently. Judging from the policy, fundamentals, and capital aspects, it is an adjustment during the operation of the bull market, not the end of the bull market. First, the bull market isn't over yet. As of July 17, the full A PE was 21.8 times and the risk premium rate was 2.85%, which is still far from the historical high of the bull market. Second, the current adjustment is a normal fluctuation in a bull market. More importantly, there was no trend withdrawal of capital. As of July 17 last week, the net subscription scale for broad-based index ETFs exceeded 200 billion dollars. This is consistent with the characteristics of adjustments and capital acceptance during the bull market process. It also shows that short-term fluctuations have not evolved into liquidity pressure. Third, the market will have a new landscape after the adjustment. The bull market runs to a certain stage, and the leading direction of growth often shifts from a few overcrowded main lines to round ups and diffusion.

Xun Yugen, chief economist at Guoxin Securities, judged that there have been significant adjustments in the A-share market recently. Judging from the policy, fundamentals, and capital aspects, it is an adjustment during the operation of the bull market, not the end of the bull market. First, the bull market isn't over yet. As of July 17, the full A PE was 21.8 times and the risk premium rate was 2.85%, which is still far from the historical high of the bull market. Second, the current adjustment is a normal fluctuation in a bull market. More importantly, there was no trend withdrawal of capital. As of July 17 last week, the net subscription scale for broad-based index ETFs exceeded 200 billion dollars. This is consistent with the characteristics of adjustments and capital acceptance during the bull market process. It also shows that short-term fluctuations have not evolved into liquidity pressure. Third, the market will have a new landscape after the adjustment. The bull market runs to a certain stage, and the leading direction of growth often shifts from a few overcrowded main lines to round ups and diffusion.