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].