SWHY's 2025 Capital Markets Investment Annual Conference will be held on December 17 in Shenzhen. SWHY's Chief Analyst for A-shares, Fu Jingtian, made core conclusions on the market outlook, believing that it is still the 'opening move' of a bull market, which can be divided into two waves. The first wave will end in late 2024, and the second wave will start no later than the second half of 2025, reflecting an increasing visibility in the upward turning of A-share profitability in 2026, potentially marking the starting point of a substantial market uptrend. Fu Jingtian analyzed that since the market rebound after September 24, the intensity of A-share trading has reached a bull market level, but if the expectation of a bull market cannot be accomplished in one go, it has already entered a low cost-performance area in the short term. At the same time, he advises investors to trust the rules and maintain the framework. Additionally, Fu Jingtian believes that 2025 may be a year when active management will flourish after despair. The establishment of new economic opportunities is usually first discovered by proactive efforts and then covered passively. Active management will always have vitality, and the active management industry will not be absent in a genuine bull market. (Reported by Zhao Xinrui, Caixin)