Analyst: A-share fundamentals intact, patience advised as US yields weigh

The argument here is that the drag on A-shares is external rather than domestic — a rates story, not an earnings story — which matters because it implies the market's direction is partly hostage to US bond moves rather than anything Beijing or Chinese corporates control. The claim leans heavily on Q3 reports showing industry leaders still growing profits, so the earnings recovery is doing the persuasive work. The open question is whether that leadership-level profit growth is broad enough to hold the index up if US yields stay elevated, and whether the earnings trend survives another quarter of external pressure.