Looking at the recent trend, there is indeed a feeling of a major cycle beginning. The interest rate cut operation has proven its power more than once in history—every time the central bank cuts rates, the capital market experiences a wave of re-pricing. This time is no exception; when liquidity is abundant, funds always need a place to go. From a cyclical perspective, the logic behind this round of market movement still holds. Policy signals are released, the market responds accordingly, and money flows where prices rise. This is what a bull market looks like.