［10月15日］指数估值数据(A股港股牛市有啥特点，牛市结束了么）

Core Viewpoint - The current market is experiencing structural growth rather than a broad-based bull market, driven by factors such as the decline in RMB and USD interest rates, as well as the year-on-year profit growth of certain stocks [37][38]. Market Performance - The overall market showed a low opening but ended with an increase, closing at 4.2 stars [1]. - Both large, medium, and small-cap stocks experienced similar upward movements [2]. - Value styles, including dividends, have been consistently rising [3]. - Growth styles initially fell in the morning but turned positive by the afternoon [4]. - Hong Kong stocks outperformed A-shares in terms of growth [5]. Characteristics of Bull Markets - Bull markets are characterized by rapid increases rather than slow, steady growth, with significant gains occurring in short bursts [9][12]. - Historical bull markets have been mostly structural rather than broad-based, with different styles leading at different times [14][16]. - Bull markets often experience intermittent pullbacks, typically following a pattern of "advance three, retreat one" [20][21]. - Long-term trends show that market indices tend to rise over time, with each bear market's bottom being higher than the previous one [27][28]. - Investor behavior tends to exacerbate short-term volatility, with many chasing gains during market peaks [30][32]. Current Market Outlook - The current bull market is not over but remains structural, with specific sectors likely to continue performing well [37]. - The recent performance of A-shares and Hong Kong stocks has been influenced by declining interest rates and profit growth in certain sectors [38]. - Future market movements will depend on the trajectory of USD interest rates and potential economic challenges [39].