[Galaxy Securities Chief Economist Zhang Jun: A-share valuations are at historically low levels, and the long-term value of high-quality equity assets will continue to emerge] On October 19, Zhang Jun, chief economist of Galaxy Securities, dean of the Research Institute, and dean of the New Development Research Institute, pointed out that short-term market fluctuations are difficult to change the long-term trend. Investing in A-shares is a long-term recognition of China’s economic resilience, technological innovation potential, and asset revaluation space. In particular, the effectiveness of a number of stabilizing growth policies continues to be released, and domestic demand potential is gradually being tapped. Zhang Jun believes that the long-term positive fundamentals of China's economy have not changed, which forms the underlying support for equity asset pricing. The A-share institutional system is also constantly improving, and the market's own resilience continues to strengthen. The current overall valuation of A-shares is at a historical low, with sufficient margin of safety. The current price-to-earnings ratio of the CSI 300 is about 13 times, which is near the historical median. Compared with overseas markets, the allocation performance-price ratio is outstanding, and there is a basis for revaluation. In his view, as new productive forces continue to release their effectiveness and high-quality development results continue to be realized, the long-term investment value of China's high-quality equity assets will further emerge. (Reporter Lin Jian)