In the first case, if Ukraine wins a total victory, then Russia will inevitably face drastic changes (even if it remains unchanged, European and American countries will frantically incite money contributions). This process of incitement and additional sanctions will implicate us. In addition, Russia is an energy exporter, and our country will have problems in obtaining energy, which will affect our economy. The stock market will not be good, and it may even collapse in stages.
In the second case, if Russia completely wins before the end of the year, destroying Ukraine or destroying most of it and then declaring victory, then the sanctions in Europe and the United States will not stop (even if Europe needs natural gas in winter, Europe is afraid that Russia will be in its bones and will not give up all previous efforts because of heating), go all out with Russia economically, and go all out with some countries that may become Russia's small partners. Whether these potential partners have us or not, we can infer for ourselves. In short, if Russia wins completely before the end of the year, the A-share market will not collapse, but it will definitely be depressed for a long time.
The third situation. That is, the Russian army maintains certain advantages, but the progress is particularly slow. The consumption of both sides is so great that it will take even longer next year. In this case, first of all, Europe and the United States are more troublesome, because their current inflation problem has just begun. If this war continues and energy prices fall, their inflation will not go on, which makes Europe and America particularly bitter. Finally, if you can't raise interest rates, you can only bite the bullet. In this way, from the perspective of global capital transfer and industrial chain transfer, the advantages of the A-share market are highlighted. Asia's economy will suddenly become particularly good (not particularly good, but relatively calm compared with Europe, America, Australia), and both we and India will benefit from it. In addition, we and India are both more tolerant of rising prices (unlike Europeans and Americans who don't have much savings and don't buy things that are too expensive, we should buy them, and there are many people who eat for the elderly), so the economic operation will be more stable. If Russian oil can supply the United States and India at a price lower than the global price for a long time, its economic advantage will become obvious. The most important thing in the stock market is the transfer of funds, so if the war continues, the A-share market will rise phenomenally at some time.