China Merchants Strategy: A-share indicators near historical bottom range

The significance here is less the bottom call itself than the evidence cited for it: shrinking turnover alongside accelerating ETF inflows suggests a market where selling pressure is exhausting while institutional money builds positions. That mix matters most for domestic mid- and long-term allocators and ETF issuers, whose flows are increasingly the marginal support. The open question is whether the earnings and PPI improvement the note leans on proves durable enough to validate the bottom before flows reverse; stabilization efforts intensifying also implies policy dependence that markets will keep testing.