Wind data shows that as of October 23, China's A-share equity ETFs have seen a cumulative net inflow of over 280 billion yuan since October, and listed companies have cumulatively repurchased over 17 billion yuan. Following continuous market fluctuations, A-share valuations have reached a relatively low level. Analysts believe that the overall valuation of the A-share market has fallen below its historical average, and both horizontal and vertical comparisons indicate good investment attractiveness. It is not advisable to be overly pessimistic about A-shares at present, with short-term trends likely dominated by range-bound bottoming and structural opportunities.