According to the Tianfeng Securities Research Report, there is no contradiction between a market rebound and a reversal; in fact, the two can occur simultaneously in different time dimensions. Judging from the long-term perspective of more than three years, the market may have reversed its bottom, and it is likely that it will not return to a more pessimistic state than the previous bottom. Therefore, at the long-term strategic level, we think we need to pay attention to allocating equity assets. However, judging from the short-term perspective of less than a year, the market may still only rebound, which means that future fluctuations may occur repeatedly. At the short-term tactical level, we believe we should maintain strategic flexibility.

According to the Tianfeng Securities Research Report, there is no contradiction between a market rebound and a reversal; in fact, the two can occur simultaneously in different time dimensions. Judging from the long-term perspective of more than three years, the market may have reversed its bottom, and it is likely that it will not return to a more pessimistic state than the previous bottom. Therefore, at the long-term strategic level, we think we need to pay attention to allocating equity assets. However, judging from the short-term perspective of less than a year, the market may still only rebound, which means that future fluctuations may occur repeatedly. At the short-term tactical level, we believe we should maintain strategic flexibility.