韩国人都开始买入大A，牛真的要来了？

Core Viewpoint - The current bullish trend in the A-share market is reminiscent of the 2015 bull market, raising concerns about a potential repeat of the rapid decline that followed that period [5][6][13]. Market Performance - The A-share market has seen a continuous rise, with the index approaching 3800 points and daily trading volumes exceeding 2 trillion yuan [1]. - The interest in the A-share market has increased significantly, even attracting foreign investors, particularly from South Korea, whose holdings in Chinese stocks rose from 19.083 billion yuan at the end of 2024 to 24.475 billion yuan, marking an increase of nearly 30% [2][4]. Comparison with 2015 Bull Market - The 2015 bull market was primarily driven by excess liquidity, with significant contributions from foreign capital and unregulated leverage [7][8]. - In contrast, the current market is supported by domestic government funds and institutional leverage, with foreign capital's role being replaced by more stable domestic sources [9][10]. - The risk management capabilities of the financial system have improved since 2015, with stricter regulations on foreign capital and leverage, reducing the likelihood of a similar crash [12][11]. Market Structure - The current market resembles a structural bull market, similar to early 2021, where only specific sectors, such as technology, are experiencing significant gains while others lag behind [14][15]. - The government is likely to maintain a slow bull market strategy, which may prevent widespread participation from retail investors and lead to a rotation of funds among different sectors [16][15]. Investment Strategy - Investors are advised to either hold onto indices related to the market or strategically position themselves in sectors that have not yet experienced significant gains [17]. - The current phase is viewed as the initial stage of a bull market, with opportunities for those who can recognize market signals and trends [17].