[Minsheng Securities: Signs of a phased stabilization and recovery in the A-share market are emerging] According to Jinshi Data on September 1, Minsheng Securities released a research report stating that the market fluctuations formed by the unit turnover rate have rebounded, the sentiment of individual and institutional investors has improved, and the margin ratio has increased while the balance of margin trading has shrunk. The domestic commodity futures market's fluctuation spread index has risen significantly, which also indicates that economic demand expectations have been repaired. The A-share market has stabilized in stages. On the one hand, it is due to the gradual rebound of investors' expectations of a global recession; on the other hand, after the short-term appreciation of the RMB, there is a demand for foreign exchange settlement of the approximately US$530 billion of excess unsettled funds accumulated in 2023, which has brought about an increase in the demand for RMB asset allocation and a relief of liquidity pressure. The current market rebound, which has benefited from the relief of liquidity pressure and the restoration of overseas expectations, has brought about a widespread repair of the market, among which low-level assets have rebounded significantly. (Reprinted from: Jinshi Data)