Group 1 - The recent surge in the A-share market indicates the confirmation of a bull market, with the Shanghai Composite Index breaking through previous high points and showing significant trading volume, suggesting a recovery from earlier declines [1][8][6] - The impact of tariffs announced by Trump is viewed as limited, with historical examples indicating that trade wars do not significantly affect economic performance, as seen during the 1930 trade war [1][17][20] - The bull market is expected to generate three wealth effects: stabilizing expectations, supporting consumption, and restoring financing functions, with increased retail participation in the stock market [1][25][39] Group 2 - Historical analysis shows that sectors tend to rotate after new highs, with financials, cyclical resources, and military industries frequently leading the market, while manufacturing and consumer sectors rely more on their own trends [2][43][44] - Potential rotation directions in the current market include non-bank financials and cyclical resource sectors, with expectations for real estate stabilization being crucial for economic recovery [3][7] - The report highlights that the current bull market is characterized by a significant inflow of funds into the stock market, driven by increased retail investor activity and policy support [1][25][39]