Zhongtai International Chief Economist Li Xunlei: There is limited room for interest rate cuts and reserve requirement ratio reductions in the second half of the year, but remains optimistic about gold.

Jin10 data reported on September 10 that Li Xunlei, Chief Economist of Zhongtai International, expressed at the 2025 Inclusion·Bund Conference Insight Forum that the Politburo meeting at the end of April this year proposed “stabilizing the stock market and the real estate market,” placing the “stock market” before the “real estate market,” highlighting the determination of the policy to stabilize the Capital Market and enhance its attractiveness and inclusiveness. This year's A-shares have performed significantly better than last year, showing a long-awaited bull run. Moreover, when comparing the CSI 300 with major global indices such as the S&P 500 and NASDAQ, it can be found that there is still room for valuation improvement in the A-share market. However, Li Xunlei also issued a reminder that although the financing balance of A-shares has reached a new high in ten years, the total size of the A-share market has significantly expanded over the past decade, and there are currently no signs of large-scale off-market financing. Therefore, it is necessary to avoid using the financing balance as a “carving a boat to seek a sword” approach, and it is still essential to closely follow market changes. Regarding the capital market in the second half of this year, Li Xunlei believes that policies will become more precise, but there is limited room for interest rate cuts and reserve requirement ratio reductions. Li Xunlei maintains a cautiously optimistic attitude towards the overall capital market in the second half of the year, believing that cross-market diversified investments are still necessary, while also continuing to be optimistic about gold.