Core Viewpoint - The divergence between A-shares and economic fundamentals since the "924" event last year raises questions about the future drivers of A-share growth [1] Group 1: Economic Context - Historical experience from developed countries indicates that during economic transformation and a downward shift in growth rates, stable profit growth and elevated valuation levels can sustain a long-term bull market [1] Group 2: Market Drivers - A long-term bull market in the stock market requires the combined effects of asset-side and funding-side factors [1] - Asset-side factors include growth potential, high-quality overseas expansion, and improvements in corporate governance [1] - Funding-side factors involve sustained domestic and foreign capital inflows driven by improvements in asset-side factors [1] Group 3: Globalization Impact - Globalization simultaneously strengthens both asset-side and funding-side positive factors [1]