Recently, the A-share market has been fluctuating around the 100,000 point mark, showing a certain level of support. However, a pullback consolidation may occur on the 5th after a panic selling by investors. Market participants should note that the current judgment that the bull run has not yet ended is primarily based on the consideration of the risk-reward ratio: even if the judgment is incorrect, the losses are relatively limited, while once the judgment is correct, the potential gains can be considerable.

It is worth noting that the mainstream sector has not fully increased, and the macroeconomic indicators have not reached a critical turning point. At this stage, the inflow of new funds and changes in policy expectations will become important factors influencing the market cycle.

For individual stocks, companies with technological advantages, continuous capacity expansion, and the potential for significant future earnings growth are worth focusing on. Even amid market fluctuations, such companies still hold long-term investment value and can be considered for gradual accumulation.

It is worth mentioning that some companies in the new energy vehicle industry are formulating long-term development plans, with many benchmarking against global leading enterprises and focusing on independent research and development of core technologies. These companies are continuously breaking through in terms of intelligence and safety, and compared to other companies in the same industry, there is still room for valuation improvement. The high shareholding cost for founders also reflects a certain degree of confidence in the company's future development.

Current market sentiment remains in an extremely pessimistic phase, which may be a correction to last October's surge. However, market sentiment will eventually stabilize and may gradually transition to optimistic or even euphoric. Wise investors should seize investment opportunities in this extreme sentiment, but at the same time, they must control risks and avoid using high leverage. As the market cycle progresses and sentiment recovers, patient investors may reap considerable rewards.