Core Viewpoint - The technology-driven bull market is the main theme of the current revaluation of Chinese assets, emphasizing the importance of technological breakthroughs [1][16]. Group 1: Market Outlook - The current market is expected to enter a phase of oscillation and adjustment after the initial stage of the bull market, which is seen as a short-term cooling period [1][35]. - The Hang Seng Technology Index is anticipated to lead the revaluation of Chinese assets, outperforming both the S&P 500 and the Hang Seng Index in 2025 and 2026 [1][35]. - Investors should focus on high-quality companies with strong fundamentals to achieve growth during the bull market [1][49]. Group 2: Economic and Policy Context - The key variables for the macroeconomic outlook in 2025 are not extreme fluctuations but rather reform and technological innovation [2][17]. - The recovery of the real estate sector and the stabilization of rental yields in major cities indicate a potential stabilization of property prices by 2025 [19][20]. - The rise of AI technology is expected to enhance efficiency across various industries, contributing to a structural shift in the economy [21][30]. Group 3: Investment Strategy - Investors are advised to adopt a long-term perspective and rebuild valuation frameworks in light of AI advancements, moving away from traditional static metrics [24][28]. - The focus should be on the penetration rate of AI technology, capital expenditure, and the application prospects in various industries [28][29]. - The bull market is characterized by a need to identify the most promising companies within the AI ecosystem, which may yield significant returns [46][48]. Group 4: Sector-Specific Insights - Companies in the technology sector, particularly those represented by "ATM" (Alibaba, Tencent, Xiaomi), are expected to benefit from the AI wave and should be prioritized for investment [3][44]. - The integration of AI into various sectors, including biomedicine, education, and finance, presents new opportunities for growth [46][47]. - The new generation of consumers, particularly those born in the 90s and 00s, will drive rapid growth in emerging consumption sectors [23].

Group 1 - The market driven by DeepSeek has shown strong upward momentum even after more than a month since its initial surge [1] - There is a prevailing belief that a bull market guarantees profits, yet many investors still experience losses during such periods [3] - The collective intelligence of millions of members can help navigate the complexities of investment, despite individual mistakes [4] Group 2 - The upcoming training camp on March 9 aims to equip investors with knowledge on macro trends, industry cycles, and company valuation [5] - The phrase "speed for the lone traveler, distance for the collective" emphasizes the importance of collaboration in investment [6] - An invitation is extended to investors to join the training camp, highlighting its potential benefits [7]

Core Viewpoint - The article emphasizes the establishment of a primary upward trend in the Chinese stock market, driven by a "technology bull market" and supported by domestic demand, despite potential fluctuations and challenges ahead [1][9][10]. Group 1: Market Overview - The Chinese stock market's primary upward trend was confirmed after experiencing some fluctuations, with a recommendation to maintain a bullish mindset and progress with the market [1][9]. - The "technology bull market" is identified as the backbone of the current market rally, initiated after the "924" meeting in 2024, with significant contributions from AI breakthroughs and advancements in robotics [10][12]. - Historical comparisons are drawn to previous market phases, such as the Internet 1.0 and mobile Internet eras, highlighting the importance of technological penetration rates in driving market trends [2][11][13]. Group 2: Investment Strategy - The current market turbulence is viewed as an opportunity to buy "core technology assets," particularly during short-term adjustments [5][17]. - Investors are encouraged to adopt a contrarian approach, capitalizing on short-term market fluctuations to acquire AI-related core assets, which are expected to lead the market in the coming years [6][24]. - The article suggests focusing on companies that embrace AI technology, particularly internet platforms and robotics, as they are likely to benefit from the ongoing technological advancements [24][25]. Group 3: Policy and Economic Analysis - Recent market fluctuations are attributed to external factors, such as trade risks associated with the Trump administration, and the need for investors to adapt to these uncertainties [16][19]. - The Chinese government is expected to implement policies aimed at expanding domestic demand and enhancing technological innovation, which will support the ongoing "technology bull market" [19][21]. - The analysis of the U.S. interest rate environment indicates a potential decline in U.S. Treasury yields, which could positively impact the Hong Kong stock market [21][22]. Group 4: Sector-Specific Opportunities - The article identifies specific sectors poised for growth, including AI technology, renewable energy, and consumer sectors, suggesting that these areas will benefit from policy support and technological advancements [24][26]. - Emphasis is placed on the importance of selecting stocks with strong fundamentals and growth potential, particularly those that can leverage AI technology for operational efficiency [25][26].