Bosera Macro: Short-term A-shares under pressure, dividend assets relatively advantageous

Bosera Macro stated that in terms of A-shares, from the perspective of the three-factor framework, the earnings per share (EPS) of A-shares on the numerator side and the dollar liquidity on the denominator side continue to face headwinds. The change lies in the fact that the net inflow speed of the financing market, which represents market liquidity, and risk appetite have both turned negative. In the short term, A-shares are under pressure, and the short-term trading of small-cap stocks is just beginning to correct the excessive crowding. The decline in risk-free interest rates and the continuous net inflow into dividend ETFs give large-cap low-volatility dividend assets a relative advantage