CSC: Mid-term Bottom Formation Often Turbulent, Stay Patient

CSC's framing matters because it reframes the current phase as a deleveraging transition rather than a clean bottom, which implies volatility is structural, not incidental. The emphasis on stabilization-fund entries since October, paired with the call for steadier margin financing and ETF support, points to a market whose floor depends on policy-driven flows rather than organic demand. For A-share participants, the key tension is whether official buying can offset the external liquidity squeeze CSC attributes to geopolitics, oil and Fed expectations. The open question is whether those inflows broaden beyond stabilization funds into margin and ETF channels.