Group 1 - The report highlights the ongoing restructuring of global trade dynamics, with China's economic ties to emerging markets strengthening while its direct trade with the US is diminishing. This shift is seen as a potential opportunity for China amidst a "strategic stalemate" with the US [4][5][6] - The A-share market is positioned to potentially enter a bull market phase, driven by increasing household asset allocation towards equities, particularly as 2025 marks a peak for deposit reallocations. The report anticipates a gradual shift in asset allocation as residents seek diversified investment options [7][8] - The report suggests that the current market has not yet signaled the start of a bull run, with supply-side improvements clear but demand-side factors remaining complex. The timing for a market rally is still uncertain, with expectations for a clearer picture emerging in 2026 [9][10] Group 2 - A-share earnings forecasts for 2025 indicate a year-on-year growth of 4.6% for non-financial companies, with significant fluctuations expected throughout the year. The second quarter is projected to be a critical window for export recovery, while the latter half of the year may see a decline in demand [12] - The asset management industry is not yet prepared for a bull market, as historical patterns show that a cycle of capital inflow is necessary for a bull market to take hold. The report emphasizes the need for a sustained accumulation of profit effects to trigger a significant shift in public fund dynamics [13] - The report anticipates that the next potential bull market may evolve into a "slow bull" unique to China, characterized by prolonged but gradual improvements in fundamentals and a higher value attribute in the market [18][19]