Core Viewpoint - The article emphasizes that significant market returns are concentrated in a small percentage of trading days, highlighting the importance of being present during these critical moments [3]. Group 1: Market Characteristics - A-shares have experienced few broad-based bull markets, with 2007 being the only year characterized by a general rise across various sectors. Most bull markets are structural, with specific sectors leading the gains [4]. - Bull markets do not rise continuously; they often experience pullbacks, typically following a pattern of "three up, one down" or "three up, two down" during their upward trajectory [5]. - Historical data shows that approximately 70% of stock accounts were opened during the major bull markets of 2007 and 2015, indicating a tendency for investors to enter the market at high points [7]. Group 2: Investment Strategies - To achieve long-term profitability in the stock market, it is crucial to buy at lower prices. Experienced investors can practice "contrarian investing," as demonstrated by high subscription volumes during market lows [8]. - The market is expected to trend upward in the long term, with each bear market bottom likely to be higher than the previous one, indicating a general upward trajectory over time [9].

Core Viewpoint - The A-share market is currently in a bull market, characterized by rapid price increases and specific market behaviors [3][7]. Group 1: Characteristics of A-share and Hong Kong Bull Markets - Characteristic 1: Bull markets are often fast rather than slow, with significant price increases occurring in short bursts, accounting for only about 7% of trading days [13][14]. - Characteristic 2: Bull markets are typically structural rather than broad-based, with certain sectors performing well while others lag behind [15][16]. - Characteristic 3: Bull markets are not linear; they often experience pullbacks, with patterns of "three steps forward, one step back" [20][21]. Group 2: Market Response Strategies - Investors should avoid chasing prices and frequent trading, as historical data shows that many accounts were opened during previous bull markets, leading to losses at market peaks [23][24]. - Long-term profitability in the stock market requires buying undervalued stocks and holding them [24][27]. - Patience is emphasized as a key virtue for investors, as markets tend to trend upwards over the long term [28]. Group 3: Factors Influencing the Current Bull Market - Short-term factors include the Federal Reserve's interest rate cuts, which have significantly impacted market dynamics since September 2024 [34][36]. - Long-term factors involve the recovery of corporate earnings, with A-share companies showing positive growth in earnings since 2025 [36][37]. Group 4: Future Market Outlook - The continuation of the bull market is likely if the Federal Reserve maintains a trend of interest rate cuts and corporate earnings continue to grow [39][40]. - The market is currently at a favorable valuation, with several undervalued stocks available [40]. Group 5: Summary - A-share and Hong Kong bull markets are characterized by rapid price increases, structural trends, and intermittent pullbacks. Investors are advised to buy quality stocks at low prices and hold them for long-term gains [43].

Core Viewpoint - The article discusses the nature of bull markets in the A-share market, emphasizing that they are often structural rather than uniform, with specific sectors leading the gains at different times [4][8]. Group 1: Characteristics of Bull Markets - A-shares have only experienced a uniform bull market in 2007, where both large and small caps, as well as growth and value styles, saw significant increases [4]. - Other bull markets tend to be structural, with specific sectors leading the charge, such as large-cap value stocks in 2016-2017 and large-cap growth stocks in 2020-2021, while small-cap growth stocks are expected to lead in 2025 [4]. - In structural bull markets, certain stocks may rise significantly while others remain stagnant or decline slightly, indicating potential for future recovery in previously underperforming stocks [4]. Group 2: Market Behavior and Investor Psychology - Bull markets are characterized by fluctuations, often described as "three steps forward, one step back," indicating that corrections are a normal part of the upward trend [5][6]. - Most investors tend to chase after rising stocks, with a significant increase in buying activity occurring after substantial market gains, leading to many investors entering at market peaks [8]. - Historical data shows that approximately 70% of stock accounts were opened during the major bull markets of 2007 and 2015, highlighting a tendency for investors to buy at high points [8]. Group 3: Long-term Market Trends - Despite the volatility of bull and bear markets, the overall trend remains upward, as evidenced by higher bottom points in subsequent bear markets compared to previous ones [11]. - The long-term growth of listed companies' earnings is expected to drive index increases, reinforcing the idea that market corrections are temporary and that prices will eventually recover and surpass previous highs [11].