On November 3, the reporter learned that CITIC Construction Investment Securities is actively declaring the third batch of “convenient exchange of securities, funds, and insurance companies” operations. CITIC Construction Investment said it is firmly optimistic about the long-term development of China's capital market, effectively playing its role as the “vanguard” of the capital market and the “ballast stone” for institutional investors, and helping the healthy and stable development of the capital market. On November 3, Huang Wentao, chief economist of CITIC Construction Investment, also released a market review saying that the A-share market has continued to fluctuate and adjust recently and has now entered the bottom zone. Three major factors are expected to drive A-shares to bottom up, including the regulatory authorities working together to stabilize market confidence, the gradual emergence of performance highlights in the three-quarter report, and a marked increase in the valuation appeal of some industries. According to Huang Wentao, after a recent correction, pressures such as high valuations and overcrowded transactions in the early stages of the technology growth sector have been released, and the valuation cost ratio of some high-quality assets is improving. As of noon trading on November 3, the price-earnings ratio of the GEM index has fallen from a high of 53.5 times in the previous period to 27.7 times, which is the 6.45% quantile level in the past ten years; the price-earnings ratio of Science and Innovation 50 has also dropped sharply from a high of 250 times in the previous period to 89 times the current price. Valuation adjustments are creating more attractive medium- to long-term allocation conditions. As market sentiment gradually recovers, re-matching valuations with fundamentals is expected to bring structural opportunities.

On November 3, the reporter learned that CITIC Construction Investment Securities is actively declaring the third batch of “convenient exchange of securities, funds, and insurance companies” operations. CITIC Construction Investment said it is firmly optimistic about the long-term development of China's capital market, effectively playing its role as the “vanguard” of the capital market and the “ballast stone” for institutional investors, and helping the healthy and stable development of the capital market. On November 3, Huang Wentao, chief economist of CITIC Construction Investment, also released a market review saying that the A-share market has continued to fluctuate and adjust recently and has now entered the bottom zone. Three major factors are expected to drive A-shares to bottom up, including the regulatory authorities working together to stabilize market confidence, the gradual emergence of performance highlights in the three-quarter report, and a marked increase in the valuation appeal of some industries. According to Huang Wentao, after a recent correction, pressures such as high valuations and overcrowded transactions in the early stages of the technology growth sector have been released, and the valuation cost ratio of some high-quality assets is improving. As of noon trading on November 3, the price-earnings ratio of the GEM index has fallen from a high of 53.5 times in the previous period to 27.7 times, which is the 6.45% quantile level in the past ten years; the price-earnings ratio of Science and Innovation 50 has also dropped sharply from a high of 250 times in the previous period to 89 times the current price. Valuation adjustments are creating more attractive medium- to long-term allocation conditions. As market sentiment gradually recovers, re-matching valuations with fundamentals is expected to bring structural opportunities.