Opening a new chapter in 2023, foreign and domestic institutions have expressed their optimism about the A-share market. The interviewed institutions generally believe that, on the macro level, China's economy has entered a new cycle, the fundamentals of A-shares will continue to improve, and it is expected to go out of a new bull market; On the micro level, as the performance of listed companies recovers, A-share activities will be more adequate. It is expected that in 2023, the profits of enterprises in consumer services, information technology, health care, midstream manufacturing and other fields will grow rapidly. Looking forward to 2023, many institutions have used optimistic expressions such as "bull market", "overall optimism", "ushering in a reversal", and "new slow bull pattern". For example, Haitong Securities Research News believes that a number of valuation indicators show that A shares are at a relatively low position and are breeding a new round of rising prices. Liu Ning, chief strategic analyst of Tianhong Fund, told the reporter of Securities Daily that in the last two months of 2022, the two macro factors affecting A-shares, including the impact of the decline in real estate investment on the economy and the impact of the epidemic on the social zero and service industry, are moving in a positive direction. At the same time, it is expected that the policy factors in 2023 will have more positive effects on the A-share market. "Macro policies will strengthen the efforts to stabilize growth and further implement the strategy of expanding domestic demand. With the optimization and adjustment of epidemic prevention and control policies, the pace of consumption recovery will accelerate. At the same time, the policies to stabilize the real estate market have been introduced one after another, and relevant industrial chains are expected to stabilize, and real estate investment will also stabilize and recover." Zhou Jianhua, macro strategy analyst of Zhongyuan Securities, told the Securities Daily that the macro-economy is driven by consumption and investment, It is expected to return to the potential growth level. The fundamentals of A-share will face further recovery, and the market risk appetite will rise, which is conducive to the rise of A-share market valuation. Chen Gang, a strategic analyst of China Merchants Securities, told the Securities Daily that the medium and long-term social finance growth rate is expected to return to the upward channel in 2023, and A-shares will also enter the upward cycle again, starting to shock the upward phase. At the same time, foreign investors are optimistic about China's assets. Hyomi Jie, Fund Manager of Fidelity International, said: "Although most developed countries are facing multiple challenges such as inflation, energy crisis and economic recession, China's economic development is relatively healthy and will be in a more favorable position. On the economic side, the People's Bank of China has adopted more supportive policies and shifted the policy focus to economic stability and growth. These factors make the Chinese market more attractive to international investors seeking to diversify regional risks." The Office of the Chief Investment Officer of UBS Wealth Management (CIO) told the Securities Daily that China's stock market will be further boosted with the emergence of positive factors such as COVID-19 infection, the implementation of "Class B B management", support for the growth of private enterprises and further expansion of foreign capital market access. Both domestic and foreign investors are optimistic about the liquidity of A-shares in 2023. CSCI believes that the capital level of A-share market in 2023 is expected to be significantly better than that in 2022. It is estimated that foreign investment will bring 300 billion yuan of incremental capital in 2023, public funds will bring about 600 billion yuan of incremental capital, and private securities funds will bring about 350 billion yuan of incremental capital. Chief Manager of Deutsche Bank Group in China