According to the CICC Research Report, there was a significant increase in the number and scale of A-share repurchase plans in July. According to Wind statistics, in July, A-share listed companies issued a total of 266 repurchase plans, with a proposed repurchase amount of about 90 billion yuan; the same period in 2025 was 150 and 16.5 billion yuan respectively, up 76% and 444%, respectively. From January to July 2026, the total amount of A-share repurchases was 86.6 billion yuan, of which the actual monthly repurchase amount in July was 21.7 billion yuan, up 46% year-on-year and 33% month-on-month. Currently, it is still the relatively low point of A-shares since this year. Recovery is ongoing. Most of the factors that triggered this round of adjustments were short-term, phased, and have been fully digested. Internally, the high level of trading congestion in the tech sector in the early stages has clearly declined, and panic and selling pressure have also been relieved. Meanwhile, positive elements are piling up. Currently, the fundamentals of leading companies in some growth sectors are still resilient. Listed companies convey confidence in their value and long-term development prospects through repurchases, increases in holdings, and dividends; the interim results gradually disclosed in August are expected to provide fundamental support to the market; compared with major overseas markets, the overall valuation of A-shares is still attractive; subsequent medium- and long-term capital continues to enter the market, which also helps enhance internal stability in the market. From a medium-term perspective, I am firmly optimistic that the A-share market will continue its volatile upward trend since 924. The restructuring of the international order and the resonance of China's industrial innovation trend are the core driving forces driving the current round of market growth and the revaluation of China's assets. Currently, these two major conditions have not wavered and will continue to support China's asset performance. In terms of allocation, companies that have recently announced repurchases are expected to show good relative performance. As investor sentiment picks up, there is room for recovery in stock prices.

According to the CICC Research Report, there was a significant increase in the number and scale of A-share repurchase plans in July. According to Wind statistics, in July, A-share listed companies issued a total of 266 repurchase plans, with a proposed repurchase amount of about 90 billion yuan; the same period in 2025 was 150 and 16.5 billion yuan respectively, up 76% and 444%, respectively. From January to July 2026, the total amount of A-share repurchases was 86.6 billion yuan, of which the actual monthly repurchase amount in July was 21.7 billion yuan, up 46% year-on-year and 33% month-on-month. Currently, it is still the relatively low point of A-shares since this year. Recovery is ongoing. Most of the factors that triggered this round of adjustments were short-term, phased, and have been fully digested. Internally, the high level of trading congestion in the tech sector in the early stages has clearly declined, and panic and selling pressure have also been relieved. Meanwhile, positive elements are piling up. Currently, the fundamentals of leading companies in some growth sectors are still resilient. Listed companies convey confidence in their value and long-term development prospects through repurchases, increases in holdings, and dividends; the interim results gradually disclosed in August are expected to provide fundamental support to the market; compared with major overseas markets, the overall valuation of A-shares is still attractive; subsequent medium- and long-term capital continues to enter the market, which also helps enhance internal stability in the market. From a medium-term perspective, I am firmly optimistic that the A-share market will continue its volatile upward trend since 924. The restructuring of the international order and the resonance of China's industrial innovation trend are the core driving forces driving the current round of market growth and the revaluation of China's assets. Currently, these two major conditions have not wavered and will continue to support China's asset performance. In terms of allocation, companies that have recently announced repurchases are expected to show good relative performance. As investor sentiment picks up, there is room for recovery in stock prices.