Group 1 - The report discusses the concept of "deposit migration" and its implications for liquidity in the A-share market, suggesting that this migration is a response to a loose liquidity environment leading to lower interest rates and a search for higher-yielding assets [3][4][14] - It introduces a new dual liquidity framework that incorporates both household and corporate capital behaviors, indicating that corporate capital is more likely to trigger a bull market than household savings [4][35] - The report identifies three phases of a liquidity-driven bull market: ignition phase led by corporate capital, acceleration phase driven by household savings migration, and a bubble phase where both types of capital create positive feedback [37][50] Group 2 - The report highlights that the current market is still in the tail end of the first phase dominated by corporate capital, with large-scale household deposit migration to the stock market yet to occur [7][19] - It emphasizes that the lack of significant deposit migration suggests limited upward potential for the A-share index, urging a focus on structural opportunities instead [7][20] - The report notes that the cooling real estate market has influenced household asset allocation behavior, leading to a higher savings tendency and a reluctance to migrate deposits into the stock market [5][22] Group 3 - The report analyzes how the transfer of pricing power among funds affects market preferences, indicating that institutional investors tend to favor large-cap stocks while retail investors are more active in small-cap stocks [38][44] - It discusses the lifecycle of market trends, identifying signals for potential market corrections, such as increased shareholding reductions by major shareholders [51][56] - The report concludes that significant changes in corporate shareholder behavior can serve as leading indicators for market adjustments, particularly in the context of liquidity conditions [53][58]