Core Viewpoint - The current market sentiment reflects a "slow bull" trend, with expectations for the A-share market to continue its upward trajectory for at least another one to two years, despite retail investors' skepticism and anxiety about market peaks [3][6][7]. Market Sentiment - Retail investors are experiencing anxiety and hesitation due to past bear market memories, leading to erratic trading behaviors [5][7]. - There is a significant divide in opinions among retail investors regarding the market's future, with discussions centered around whether the 4000-point mark represents a new beginning or an impending end to the bull market [7][9]. Historical Analysis - Historical data indicates that bull markets often begin amid skepticism and end in excitement, with the "five-year cycle theory" suggesting that significant market lows occur in years ending in 4 and 9 [6][10]. - The analysis of past bull markets shows that the A-share index is expected to maintain an upward trend until at least 2027, based on historical patterns [6][10]. Market Drivers - The current bull market is driven by institutional reforms, optimized capital structures, and economic transitions, differing from previous bull markets that relied heavily on rapid economic growth and corporate profit improvements [10][11]. - The shift in corporate behavior towards dividend distribution rather than reinvestment is seen as a key factor in supporting long-term market value [10][11]. Capital Flow Dynamics - The phenomenon of "deposit migration" is emerging, where residents are expected to shift their savings from low-yielding assets to equities, potentially enhancing market liquidity and supporting a sustained upward trend [11][12]. - Analysts suggest that the current environment presents a significant opportunity for equity markets to attract capital as traditional investment avenues like real estate become less favorable [12].