[CICC Li Qiusuo: The valuation of A-shares has reached a mid-to-low historical level. Stabilizing the market requires policies to hedge against external disturbances] On November 1, Li Qiusuo, chief analyst of domestic strategy at the Research Department of CICC, said that the recent adjustment of A-share valuations has been mainly affected by multiple external input risks, mainly capital and emotional disturbances. The current valuation contraction is significantly different from the fundamental trend. From the perspective of stabilizing the market, the transformation of "cheapness" into actual allocation behavior requires rapid improvement and reversal of investor expectations, and strengthened policy responses to stabilize growth, the market, and expectations. (China Securities News)