Ge Long Hui A P P·2025-09-17 09:44Core Viewpoint - The current market is likely in the mid-stage of a bull market rather than at its peak, with structural bubbles present but opportunities prevailing in most directions [1] Group 1: Characteristics of Bull Market Stages - The first characteristic of a bull market peak is that stocks are generally expensive, with the current average price-to-earnings (P/E) ratio for the entire A-share market at 22 times and price-to-book (P/B) ratio at 1.79 times, compared to the peak in 2015 when the P/E was 32 times and P/B was 3.60 times [1] - The second characteristic is the absence of extreme optimism and excessive speculation, as this bull market has seen only a few stocks rise significantly while most have had modest gains, indicating that optimistic sentiment has not spread widely [1] - The third characteristic involves active financing activities, where companies typically show a strong desire for equity financing and shareholders are inclined to reduce their holdings; however, these phenomena are not currently significant [1] Group 2: Market Dynamics - The underlying drivers of the current bull market are the synchronized interest rate cuts from both China and the U.S., with the U.S. just beginning its rate-cutting cycle and China's economic fundamentals yet to recover [1] - There is a possibility of a prolonged and substantial bull market emerging, given the current market conditions and the lack of signs indicating a peak [1]