Cai Xin Securities: The current price-to-book ratio of A-shares is at historically low levels, indicating significant medium- to long-term allocation value.

Jin10 Data, April 13 - Caixin Securities stated that the market will gradually shift from the previous "liquidity, policy, and risk appetite-driven valuation logic" to an "economic fundamentals-driven performance logic." In this context, investors should pay more attention to the alignment between valuation and performance, and appropriately control their risk appetite. Currently, the market-to-book ratio of A-shares is at a historically low level, with significant medium and long-term allocation value, especially in high-dividend defensive sectors, consumer sectors benefiting from expanded domestic demand, and safe-haven precious metals sectors, which are all worth paying attention to.