[Gaoyi Assets: A-shares have improved at three levels: corporate profits, valuation changes, and shareholder return systems] October 27th, the global capital market has recently experienced a significant round of adjustments. Gaoyi Assets believes that the main influencing factors are the trend tightening of US dollar liquidity and concerns about the return rate on AI investment. Regarding the current market, Gaoyi Asset believes that the long-term returns of equity investments come from three levels: corporate profits, valuation changes and shareholder return systems. Currently, A-shares have improved at all three levels. In terms of corporate profits, the main contributors to the stabilization and recovery of corporate profits are, on the one hand, the stabilization and recovery of PPI, and on the other hand, the development of the AI ​​industry. At the valuation level, looking at the annual data for the past ten years, the only year that is comparable to the current level is 2018. This means that the market may have fully priced in some of its pessimistic expectations for this year. In terms of shareholder return system, judging from the dividend trend, the overall dividend ratio of the Wind All-A Index constituent stocks has increased from 33% to 47% in the past ten years, and it also supports mid-term dividends and multiple dividends during the year. (Reporter Li Di)