On August 6, Fang Weichang, the chief investment officer of Balin Investments, stated that the valuations of the stock markets in mainland China and Hong Kong are currently at historical lows, providing attractive buying opportunities for long-term investors. As the economy gradually normalizes, the bank is looking at valuations from a bottom-up perspective, identifying attractive investment opportunities with strong structural growth potential. Sustainable growth, self-sufficient supply chains, technological innovation, environmental awareness, and other structural trends are expected to continue, while benefiting industries and themes such as new infrastructure construction, domestic consumption, healthcare, local technology development, and sustainable development in the medium to long term. Fang Weichang mentioned that considering the low base effect, corporate fundamentals are expected to improve in the coming months. The Chinese authorities have recently introduced reforms in the stock market to encourage companies to distribute dividends to investors and raise listing requirements. Balin believes that this will improve the overall quality of the public stock market and shift investors' focus from liquidity to corporate fundamentals. Additionally, there should be an increase in initial public offerings in the stock market, providing more quality opportunities to invest in Chinese companies. Fang Weichang stated that after the market's early-year decline and subsequent rebound based on liquidity and relative valuations, it has now entered a consolidation phase. The Chinese government's policy focus is expected to lay the foundation for corporate profit growth, particularly for companies that may benefit from Chinese or global structural trends or have been severely mispriced due to fundamental factors.