Group 1 - The article discusses the rising valuations of A-shares and Hong Kong stocks, noting that as of January 2026, the overall valuation is not cheap compared to global markets [6] - A-shares and Hong Kong stocks were significantly undervalued compared to the global market in May 2024, with a valuation gap of nearly 50% [6] - Since May 2024, A-shares and Hong Kong stocks have increased by 50%-60%, outperforming the global stock market, which saw a rise of about 1 time [6][7] Group 2 - The valuation of the CSI All Share Index has approached that of the global market average, indicating that the period of undervaluation for RMB assets has passed [7] - Currently, A-shares and Hong Kong stocks are not expected to exceed global market averages significantly, unlike in 2015 and early 2007 [7] - The article suggests that as the market rises, investors should consider gradual profit-taking strategies for overvalued stocks [8]