如何熬过牛市的调整期？

Market Overview - Since the end of June, the A-share market has experienced a significant rally led by the technology sector, with the Shanghai Composite Index reaching 4,000 points, marking a 10-year high [1] - However, after October, concerns over an AI bubble and the potential pause in interest rate cuts by the Federal Reserve led to a market adjustment, causing A-share indices to decline and many investors to face substantial account drawdowns during the bull market [1] Investor Sentiment - The recent pullback in the CSI 300 index has left many investors uncertain about the continuation of the bull market and whether the technology sector will reach new highs [3] - Despite this, certain AI-related stocks have rebounded significantly, reaching historical highs, indicating a positive market response [3] Investment Strategy - In the face of market volatility, the key to enduring painful adjustment periods during a bull market is to "smartly bear risks," which involves taking calculated risks based on thorough research to achieve stable excess returns [3] - A balanced allocation strategy that avoids betting on a single sector or industry, while maintaining a margin of safety and valuation discipline, is crucial for managing investment risks effectively [3] Fund Performance - The Longjiang Changyang Mixed Fund, managed by Zhu Qinxiao, reported a net value growth rate of 48.65% over the past six months, significantly outperforming the benchmark return of 15.41% during the same period [5] - Over the past year, the fund achieved a net value growth rate of 44.69%, surpassing the average of similar funds (27.77%) and the CSI 300 index increase (15.57%) [5] Future Market Outlook - Zhu Qinxiao predicts that the A-share market is likely to return to a "slow growth" trend, driven by a decline in the risk-free interest rate and the relative scarcity of quality assets [7] - With the downward trend in interest rates, money market fund yields have entered the 1% era, and further adjustments are expected, leading to a significant amount of capital potentially flowing into the equity market [8] - The domestic economy is stabilizing, with exports exceeding expectations, and the economic fundamentals may improve next year, supported by policy focus on high-quality development and structural changes in the economy [8]