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<h1>Policy support boosts investor confidence as valuation-driven A-share rally contrasts with weak corporate fundamentals and caution persists.</h1> Investor confidence rebounded in Q3 2025 primarily due to monetary easing-reserve requirement cuts and open market liquidity injections-and technology led sector gains, producing valuation driven A share appreciation while corporate fundamentals and the real estate sector remain weak; sustainable market strength requires structural rebalancing, consumption growth, technological upgrading, stronger private sector activity, and improved corporate profitability, with gold recommended as a portfolio ballast.