Sinolink Securities: Core Blue-Chip Valuations at Historically Low Levels

The notable element here is the framing: a domestic brokerage strategist attributing recent A-share weakness to external uncertainty rather than fundamentals, and pointing to core blue-chip valuations as the offsetting argument. That is a valuation-based defense of the market rather than a catalyst-driven one, which tends to matter most for large-cap, growth-oriented names where foreign and institutional flows concentrate. The open question is whether the external uncertainty cited as the drag eases enough for that valuation case to be tested, or whether it keeps overriding it.