Guojin Securities chief strategist and deputy head Mu Yiling said the A‑share
market has been under pressure since mid‑to‑late September, with rising external
uncertainty the main driver of the recent pullback. Core blue‑chip valuations
are at historically low levels, with growth‑style large‑cap blue chips offering
particularly attractive value. On AI, Mu said accelerating domestic substitution
gives China’s current AI development clear self-reliance; if overseas AI
prospects waver, China-focused domestic‑substitution tech sectors could become a
haven for global growth capital.
