The SWHY 2025 Capital Markets Investment Conference will be held on December 17 in Shenzhen. SWHY A-share strategy Chief Analyst Fu Jingtai made a core conclusion on the market trend, believing that it is still the 'opening stage' of a bull market, which can be divided into two waves of market movement, with the first wave occurring by the end of 2024; the second wave will start no later than the second half of 2025, reflecting an improved visibility of A-share profitability turning upwards in 2026, which may be the starting point for a significant uptrend. Fu Jingtai analyzed that since the market rebound after September 24, the intensity of A-share trading competition has reached a bull market level, but if bull market expectations cannot be quickly realized, the market is currently in a low cost-performance area in the short term. He also suggests that investors should believe in patterns and maintain their framework. Additionally, Fu Jingtai believes that 2025 may be the year when active management experiences a significant turnaround. The establishment of new prosperity opportunities usually begins with proactive exploration and then passive coverage; active management will always have vitality, and the active management industry will not be absent from a genuine bull market.