今年上半年,A股的疲弱走势并未超出预期,但市场节奏与一致预期的偏离却非常明显,投资者热切期盼的春季反弹行情在股灾之后才出现,而且反弹幅度也远远弱于预期。但从长期投资布局的角度来看,我们依然认为当前股市具备战略性投资机会。长期来看,对A股的信心来自于结构性改革的深化、转型所带来的经济平稳增长,以及我国国际竞争力的不断加强。中期而言,在无风险利率趋势下 In the first half of this year, the weakness of A-shares did not exceed expectations. However, the market rhythm and the consistent expectation of the deviation were quite obvious. The spring rally investors’ eagerness to look forward to appeared only after the stock market disaster and the bounce rate was far weaker than expected . However, from the perspective of long-term investment layout, we still think that the current stock market possesses strategic investment opportunities. In the long run, confidence in A shares will come from the deepening of structural reforms, the steady economic growth brought about by the transformation and the continuous strengthening of China’s international competitiveness. In the medium term, under the trend of risk-free interest rates