4000点，A股长牛市或刚开始

Group 1 - The core viewpoint is that the A-share market may be entering a long-term bull market despite recent declines, with the potential for a gradual and sustained upward trend [2][3] - The recent drop in major indices, including the Shanghai Composite Index falling below 4000 points, is seen as a temporary setback rather than a long-term trend [2] - The Federal Reserve's decision to cut interest rates by 25 basis points is expected to create more room for monetary policy adjustments in China, potentially leading to further interest rate cuts [2][3] Group 2 - The logic behind the A-share bull market is primarily driven by liquidity easing and declining interest rates, with expectations of a global liquidity expansion following the Fed's rate cuts [2][3] - The Chinese technology sector is experiencing significant growth, leading to a re-evaluation of the value of Chinese assets, which supports the long-term bull market in A-shares [3] - There is a potential shift in resident wealth from real estate to the stock market, similar to trends observed in the U.S., which could provide substantial new capital inflows to the stock market [3]