ICBC Wealth Management: Domestic Equities Have Mid-Term Allocation Value

The significance here is the source: a wealth-management arm of a major bank framing domestic equities as having mid-term allocation value, which carries more weight for onshore sentiment than a brokerage call. The reasoning leans on technical and policy supports — eased crowding in growth sectors, buyback and ETF activity, swap facilities, and financing-space signals — rather than an earnings-led thesis, so the durability of that support is the open question. What's worth watching is whether other large institutional allocators echo this framing, which would suggest a broader shift in onshore positioning rather than a single house view.