A-Share "Water Buffalo" Spotted by Macro Lens! U.S. and Japan Have Seen Stock Market Rallies During Financial Downturns, Characterized as "Water Buffaloes" (Liquidity-Driven)

　　Glorious August 5th｜Goldman Sachs Research Report highlights that although the nominal economic growth rate was not high in the second quarter, inflation remained relatively low. However, A-shares have recently seen a rapid uptrend. The U.S. and Japan have both experienced stock market rallies during financial downturns, with the market figuratively likening it to "water buffaloes" (liquidity-driven). Referencing international experience, if policy efforts are intensified, especially in resolving debt and improving asset-liability structures, there is still room for sentiment improvement.