Chen Guo: A-share drop driven mainly by liquidity, some macro uncertainty

Chen Guo's framing puts the emphasis on positioning and cash appetite rather than fundamentals, which matters because it implies the market's problem is mechanical — thin demand and rebound-selling — not a repricing of earnings. That distinction shapes how durable any stabilization would be: flows, not news, become the swing factor. The comment about not needing to be more sensitive than US stocks to events like the midterms is a subtle pushback against imported macro fear. The open question is whether ETF inflows recur or remain a one-day anomaly, since that is the variable Chen himself flags as decisive.