陈果：市场处于牛市第二阶段 关注人工智能等三大主线

Core Viewpoint - The current A-share market shows more resilient valuations compared to previous peaks in 2007 and 2015, despite the Shanghai Composite Index fluctuating around the 4000-point mark [1] Market Analysis - The market is currently in the second phase of a bull market, characterized by an increase in risk appetite, with the potential for a third phase if fundamental improvements spread [1] - Investors should focus on the rationality of valuations and the alignment with profit growth rather than overemphasizing the significance of the 4000-point level [1] Investment Direction - Recommended investment focuses include three main areas: artificial intelligence, biotechnology, and commodities [1]