Sou Hu Cai Jing·2025-09-15 06:58Group 1 - The current A-share market has transitioned from a slow bull market driven by valuation increases to a structural bull market driven by high growth expectations [1] - The concentration effect in the US stock market is significant, with the top 12.5% of listed companies contributing nearly all net growth in market capitalization since 2010, while the remaining 87.5% have seen no change [1] - Major US tech giants like Apple, Microsoft, and Nvidia benefit from stable cash flows and industry dominance, allowing them to maintain higher valuations than the market average [3] Group 2 - The "seven giants" of the US stock market contributed nearly half of the market's gains last year, highlighting the impact of leading companies on overall market performance [3]