Group 1 - The core logic of the upcoming A-share bull market in 2025 is driven by the rise of national fortunes, which injects strong momentum into the capital market through institutional adjustments, technological breakthroughs, and major power dynamics [1] - The meeting in February 2025 between top leaders and private entrepreneurs marked a turning point, correcting previous restrictive policies and optimizing the institutional environment for private high-tech enterprises, enhancing long-term market expectations [3] - Breakthroughs in technology, such as the DeepSeek model and advancements in robotics, have positioned AI and semiconductor assets as new hotspots in the capital market, reflecting the technological foundation of the national fortune bull market [4] Group 2 - In the context of ongoing geopolitical tensions, China demonstrated strong countermeasures against unilateral tariffs from the U.S., showcasing its ability to effectively respond in trade negotiations [4] - The military and diplomatic strategies employed by China have not only safeguarded national interests but also enhanced the country's image as a responsible major power, boosting confidence in the capital market [4] - The combination of institutional support for the private economy, technological breakthroughs, and strengthened national power dynamics distinguishes the 2025 bull market from previous cycles, transforming abstract concepts of national fortune into tangible growth drivers [4]