吴晓求：A股牛市真的已经来了，不用担忧昙花一现

Core Viewpoint - The A-share bull market has already begun, with expectations of reaching 4000 points in the future, despite recent short-term fluctuations [3] Group 1: Market Dynamics - The current market growth is supported by profound internal motivations, including multi-dimensional reforms in the asset side, demand side, and institutional level [3] - Historical trends of short bull and long bear markets have changed due to a fundamental shift in market structure and the reduction of speculative attributes [3] Group 2: Asset Side Reform - Reforms on the asset side and adjustments in the structure of listed companies have injected long-term growth vitality into the market, with the number of technology companies among the top 50 listed firms increasing from 18 to 24, now accounting for nearly half of the market capitalization [4] Group 3: Demand Side Reform - Improvements in liquidity, driven by the central bank's focus on the capital market and the introduction of structural monetary policy tools, have built a solid foundation of confidence in the market [4] - Long-term funds such as social security funds, pension funds, and commercial insurance funds have been entering the market in an orderly manner, significantly enhancing market liquidity [4] Group 4: Institutional Reform - Reforms in regulations aim to transition the market from a traditional financing-led model to a wealth management-oriented investment market, which has played a crucial role in boosting market confidence and setting reasonable expectations [4]