From a long-term perspective of over three years, the market may have already bottomed out and is unlikely to return to a more pessimistic state than before the bottom. Therefore, it is important to focus on allocating equity assets at the global strategy level in the long term. However, from a short-term perspective of within one year, the market is still rebounding, indicating that future fluctuations may occur repeatedly. On the tactical level in the short term, one should maintain flexibility in strategy. We determine that the short-term rebound may not have ended yet, as the market itself is often irrational. The transition from the imagination of policy fermentation to the implementation and effect verification of policies marks a turning point in the future market from rapid rebounding to a trend of consolidation and differentiation. However, in the long term, we should not overlook the positive changes that reform brings to the market. These changes not only impact the stocks market but also have a positive influence on china's economy. We should not be constrained by rough Japanization narratives, but should find the narrative of China's economic transformation through reform, policies, economic growth, industrial upgrading, efficiency enhancement, and technological progress.