Brokerages: A-share valuation appeal improves, stage bottom forming

The significance here is the mechanism, not the level: brokerages are pointing to ETF inflows absorbing a positioning unwind as the basis for calling a stage bottom, which makes passive flows the market's marginal buyer rather than active conviction. That matters most for ETF issuers and index-tracking products, which are being framed as the stabilizer while single-name positioning resets. The open question is whether those inflows persist once the overseas macro disturbances cited as the trigger fade — if flows were defensive reallocation rather than fresh risk appetite, the "bottom" label may be premature.