Galaxy Securities: China’s New Quality Productive Forces Policy to Reshape A-Share Valuations

The notable shift here is valuation methodology, not sector preference: a broker framing R&D intensity and technological moats as the basis for A-share revaluation signals that the policy is being read as a change to how earnings are discounted, not just a demand tailwind. That matters most for loss-making or thinly profitable hard-tech names that previously struggled under earnings-based screens, and for the patient-capital channels that would fund them. Whether the revaluation logic actually displaces short-term theme trading is the open question.