两大宏观叙事逻辑，支撑本轮牛市所有主线

Group 1 - The future bull market for A-shares and Hong Kong stocks is supported by two major macro narratives that are expected to remain unchanged for at least the next two years [2][20] - Companies that do not align with the "building a technological moat" logic or the interest rate cut benefits should consider changing their investments to avoid missing out on this rare bull market [2][20] Group 2 - The Shanghai Composite Index is projected to surpass 4000 points, with the current index nearing significant resistance levels [3][5] - The index reached a high of 3892.74 points, just 0.54% away from the resistance level of 3913.84 points, indicating a strong upward trend [5][6] Group 3 - The current bull market can be traced back to two key starting points: April 9 and June 23, with significant trading days following these dates [9][12] - The market has shown resilience, with strong upward movements observed around September 5 and September 12, suggesting continued bullish sentiment unless major negative news emerges [12][13] Group 4 - The interplay between AI hardware stocks and innovative pharmaceuticals indicates a strategy to maintain market profitability, with sectors rotating based on news and market sentiment [6][7][8] - The upcoming announcements related to the "15th Five-Year Plan" are expected to provide further industry-specific benefits, enhancing the overall market outlook [5][18] Group 5 - The two macro narratives driving the market are the intentional construction of technological moats by both China and the U.S., and the need for the U.S. to lower interest rates to alleviate debt pressure, which is not a short-term phenomenon [18][19][20] - The focus should be on the potential for further interest rate cuts by the U.S. Federal Reserve, which could influence the sustainability of the bull market in A-shares and Hong Kong stocks [15][20]