$HSI(HSI)$
The policy combo might still have half its journey ahead. Previously, the first half of the combo pushed the Shanghai Composite Index from 2,700 to 3,300, a 600-point increase, or 22%. If it rises another 22% from 3,300, it will be close to 4,000 points. That's settled happily; we shift to a defensive stance at 4,000 points.
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