Market Overview - The A-share market has shown strong performance over the past one and a half months, with the Shanghai Composite Index not experiencing more than two declines exceeding -1% in a week, indicating a trend of small pullbacks followed by upward movements [1] - Recently, the Shanghai Composite Index has formed a "small double top" technical pattern, suggesting a potential trend reversal and upcoming pullback [1] Historical Pullbacks - Historical analysis of bull markets in 2007 and 2015 indicates that the average maximum pullback for the Shanghai Composite Index during bull markets is between 10% and 20% [3] - Specific historical pullbacks include: - November 2014 to February 2015: maximum pullback of 10.5% [4] - March 2015 to May 2015: maximum pullback of 10.3% [5] - April 2006 to August 2006: maximum pullback of 12.3% [8] - September 2006 to March 2007: maximum pullback of 15.1% [10] - March 2007 to December 2007: maximum pullback of 21% [12] Current Market Sentiment - The presence of market support suggests that the pullback in the current bull market may be less than 20%, but whether it can be kept below 10% remains uncertain and will test market control skills [14] - The market is experiencing a mix of profit-taking and new investors waiting for entry points, indicating that a pullback is inevitable, though the timing is uncertain [14] Sector Insights - The battery industry is witnessing a new round of expansion driven by high capacity utilization rates, as evidenced by the recovery in orders and performance from companies like Xian Dai Intelligent and Hangke Technology [15] - The successful launch of the "Longquan No. 2" all-solid-state battery by Yiwei Lithium Energy targets sectors such as humanoid robots, low-altitude aircraft, and AI, highlighting the industry's innovation and growth potential [15] Military Industry Performance - Recent profit-taking in military stocks has led to a significant drop in military ETFs, with a notable decline of 6.7% [16] - Examples of military stocks include: - Changcheng Military Industry, which saw a 106% increase since August despite limited institutional coverage [17] - AVIC Optoelectronics, which has shown only a 4% increase over the same period, indicating a disparity in performance among military stocks [19] ETF Comparisons - There are differences between various battery ETFs, such as 562880 and 159755, based on their constituent stocks, which impacts their performance relative to market movements [20] Trading Strategies - The company has paused regular investment in funds due to the significant rebound in the A-share market, indicating a strategic shift in investment approach [15] - The company is maintaining liquidity to capitalize on potential future market corrections, suggesting a cautious yet opportunistic investment strategy [15]