A-Share Market Color: Mixed views – Policy stability before CPC meeting vs. risks followingrecent run-up    In the bullish camp, some fund managers believe that prior to the 19th CPC national congress themarket will continue to trend upwards with fluctuations, while some others see the need of a shorttermcorrection though maintaining a positive medium-term outlook. In the more cautious camp,some investors point out the risk of share prices having reached a high level following the rapid runuprecently seen. One investor believes that toughening environmental regulation will affectmanufacturing and banking asset quality, as well as the LT outlook on economic fundamentals.

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