China Post Securities Huang Fusheng: Triple Logic Resonance, A-share Stabilization and Rebound Have Support

"The current contraction in volume is more a fading of trading enthusiasm and does not equate to the continuation of systemic risk, but sufficient confirmation conditions for a trend reversal have not yet emerged," Huang Fusheng, Vice President and Chief Economist of China Post Securities, said in an exclusive interview with reporters on October 30. The cooling of sentiment is more reflected on the trading side, while fundamentals have not weakened in tandem. On the contrary, positive signals of improving listed company performance are accumulating, forming important support for the market. Huang Fusheng pointed out that, based on interim reports, A-share net profit growth was about 15%, among which net profit growth for companies highly related to AI reached as high as 77%. Net profit growth in third-quarter reports further improved, laying a solid fundamental foundation for the market to move from "valuation repair" to "earnings realization," and the driving logic is accelerating the completion of a structural shift. Looking ahead to the market outlook, he judged that under the resonance of three logics - the sustained effectiveness of long-term market stabilization mechanisms, the gradual repair of pessimistic market sentiment, and the continued verification of listed company performance - short-term disorderly fluctuations in the market are expected to converge significantly, and A-shares have a solid foundation for stabilization and rebound.