A Q&A article published by Foresight addresses reader questions on A shares, U.S. stocks and tokenized equities on-chain. The author says the main point is not that the current A-share market can stay in a bull run for 10 years straight, but that the logic of a technology-led A-share market could last for a decade.
The author sees a new long-term driver for A shares
The article says this point came up in a reader comment under the July 2 piece titled “A 股逻辑的显现.” The author writes that he does not believe this market cycle can remain bullish for 10 years without interruption. What he does believe is that the underlying logic has changed: future A-share rallies may be driven by technology narratives rather than the catalysts that shaped earlier cycles.
The article lists several past examples. In 1999-2001, the “5·19” rally was sparked by strong policy stimulus and a spillover effect from the overseas dot-com bubble. In 2005-2007, the key trigger for a major cyclical bull market was the split-share structure reform. In 2008-2009, the market was lifted by the “4 trillion” economic stimulus package. In 2014-2015, the rally was tied to reform expectations, looser monetary policy and large-scale leveraged capital entering the market.
Based on those episodes, the author argues that each major bull market in A shares was driven by a different theme or policy force. Looking ahead, he says the next broad catalyst will shift toward the breakout of multiple technology sectors under the larger framework of China-U.S. technology competition.
The article adds that state funding alone is not enough to support that long-term path, though state capital will remain deeply involved. According to the author, a large amount of state-owned capital, at both the national level and the provincial or municipal level, has already moved into high-risk technology venture investing.
He writes that this kind of capital “cannot take losses.” That leads to a practical question: how can those investments exit, manage risk and keep expanding? His answer is the stock market. On that basis, the article argues that private capital will need to be directed into the equity market on a large scale, both to fund listed companies tied to major technology tracks and to help preserve profitable exits for state-owned investors.
At the same time, the author does not describe this as a permanent bull market. He says the next 10 years will still include alternating bull and bear phases. In his framework, each new bull market is likely to begin with the emergence of a new frontier technology theme, and that theme or narrative will lead the next leg of the market. Once large amounts of private capital pour into equities and effectively “transfuse” listed companies in those technology sectors, the main “task” of that bull market is close to done. What happens after that, he says, is for stock investors themselves to judge.
The article goes on to describe a repeatable cycle: after a bull market ends and a bear market begins, there is a period of rest. Private capital gradually recovers, retail investors rebuild their cash positions, and another new bull phase starts under a fresh technology theme. Then the process plays out again.
U.S. stock indexes have already been sold, the author says
The article also answers a separate question: if one does not want to participate in A shares, is it still worth participating in U.S. stocks? The author says he has written before about his own positioning. All of his U.S. stock index exposure was sold long ago, and only a few stocks he personally likes remain.
He says U.S. stocks over the past few years have not been something he feels comfortable participating in. Outside a very small number of companies, he writes that he cannot clearly read the development trajectory of many businesses, so he prefers to watch from the sidelines.
Tokenized stocks already exist on some chains, but Ethereum is the focus
On another reader question — whether U.S. stocks can already be bought on chains such as BNB and SOL, and whether Robinhood is far from the first mover here — the author agrees that tokenized stocks do already exist on other layer-1 blockchains, including BNB and SOL.
Even so, he says his attention is on whether these products can take shape in the Ethereum ecosystem, including Ethereum layer-2 scaling networks. His reasoning is that Ethereum has a strong ecosystem advantage. If an application can be made to work there, it can create powerful pull and scale effects.
The article uses a real-world analogy. Many inventions were not originally created in one country, but once the underlying technology is deployed and adopted at scale in a much larger market, the resulting economic and scale effects can exceed what other markets can deliver and can even overtake the country where the invention started.
The real hurdle in RWA is regulation and compliance
The author also addresses the view that, compared with other stock tokens, the only obvious feature here is dividends and that there is little genuine innovation. He says that on the surface, a dividend component may indeed look unremarkable and not like a major innovation.
But in practice, he argues, the structure touches many regulatory and compliance requirements, and execution is not simple. That, in his words, is where the trouble in real-world assets, or RWA, comes from. Because regulation is involved, even a small step forward can affect many moving parts. The article says that is why progress in the RWA sector faces heavy friction and many difficulties.
The piece ends with a disclaimer stating that markets carry risk, investment should be approached with caution, and the article does not constitute investment advice. Readers are told to judge whether any opinion, view or conclusion in the piece fits their own circumstances and to bear responsibility for their own decisions.