According to an article on the front page of the Shanghai Securities News, discussions on “liquidity” have been heating up recently. Looking at the global market, the yield on multinational treasury bonds, represented by US bonds, has soared, triggering widespread concern in the market about the squeeze on liquidity. Looking at the A-share market, turnover has shrunk in the past two days, which is interpreted by some voices as a sign of tightening market liquidity. A number of market experts were interviewed that the current liquidity of A-shares is still in a healthy range. From a long-term perspective, China's economic and policy stability, technological innovation leading changes in the industrial landscape at an accelerated pace, and the global market's recognition of China's asset safety will all further strengthen the ability to independently price A-shares. For a long time, US bond yields have been viewed as a pricing anchor for global financial assets. However, for A-shares, the relevant logic cannot simply be applied. On the interest rate side, China has always adhered to a “me as the main” fiscal and monetary policy, and the rise in US bond yields has not had an obvious impact on the domestic interest rate environment. Currently, China's low interest rate environment continues, liquidity is generally relaxed, and the RMB exchange rate against the US dollar generally continued to rise during the year. This is the result of a combination of the US dollar recovery, domestic exports maintained relatively rapid growth, the release of corporate remittance demand, and improved exchange rate expectations. For A-shares, foreign transactions and holdings account for a lower share of market value, and the emotional disturbance is greater than actual. Other market experts said that short-term disturbances have little actual impact, and the endogenous forces that determine the medium- to long-term direction of the market are increasing. Fundamental data disclosed in the 2026 semi-annual reports of listed companies shows that the A-share internal profit base has undergone structural changes, and external liquidity shocks have more affected short-term sentiment, making it difficult to fully determine medium- to long-term market trends.

According to an article on the front page of the Shanghai Securities News, discussions on “liquidity” have been heating up recently. Looking at the global market, the yield on multinational treasury bonds, represented by US bonds, has soared, triggering widespread concern in the market about the squeeze on liquidity. Looking at the A-share market, turnover has shrunk in the past two days, which is interpreted by some voices as a sign of tightening market liquidity. A number of market experts were interviewed that the current liquidity of A-shares is still in a healthy range. From a long-term perspective, China's economic and policy stability, technological innovation leading changes in the industrial landscape at an accelerated pace, and the global market's recognition of China's asset safety will all further strengthen the ability to independently price A-shares. For a long time, US bond yields have been viewed as a pricing anchor for global financial assets. However, for A-shares, the relevant logic cannot simply be applied. On the interest rate side, China has always adhered to a “me as the main” fiscal and monetary policy, and the rise in US bond yields has not had an obvious impact on the domestic interest rate environment. Currently, China's low interest rate environment continues, liquidity is generally relaxed, and the RMB exchange rate against the US dollar generally continued to rise during the year. This is the result of a combination of the US dollar recovery, domestic exports maintained relatively rapid growth, the release of corporate remittance demand, and improved exchange rate expectations. For A-shares, foreign transactions and holdings account for a lower share of market value, and the emotional disturbance is greater than actual. Other market experts said that short-term disturbances have little actual impact, and the endogenous forces that determine the medium- to long-term direction of the market are increasing. Fundamental data disclosed in the 2026 semi-annual reports of listed companies shows that the A-share internal profit base has undergone structural changes, and external liquidity shocks have more affected short-term sentiment, making it difficult to fully determine medium- to long-term market trends.