Group 1 - The current market resembles the liquidity-driven bull market of November 2020 [2] - The Federal Reserve is expected to implement 2 to 3 interest rate cuts soon, while the likelihood of rate hikes in China is low [2] - Both liquidity-driven bull markets and earnings-driven bull markets face significant declines when liquidity recedes or earnings reverse [2] Group 2 - The sentiment in the market is currently positive, with a collective sense of optimism [2]