tianfeng Research reports indicate that market rebounds and reversals are not contradictory. In fact, both can occur simultaneously on different time scales. Looking at the long-term time scale of over three years, the market may have already reversed from the bottom, and it is very likely not to return to a more pessimistic state than before the bottom. Therefore, from a long-term global strategy perspective, we believe it is important to focus on allocating equity assets. On the other hand, from a short-term time scale of within one year, the market may still be in a rebound phase, indicating that future fluctuations may occur repeatedly. From a short-term tactical perspective, we believe it is important to maintain the flexibility of the strategy.