East Money Securities’ Chen Guo: A-share equity risk premium attractive

This is a sell-side strategist's valuation call, not a data release, so its significance lies in the framing: the case rests on the equity risk premium plus expected earnings growth and ETF inflows acting as a backstop. That combination matters most for domestic A-share allocators weighing whether passive flows can offset weak sentiment, since the ETF backstop argument implicitly leans on state-linked or index-tracking demand rather than fundamentals alone. The open question is whether the earnings growth he anticipates actually materializes across the third quarter and full year — valuation repair without it would be a much thinner story.