Tianhong Fund: This round of complete market time may last for six months or more.

Golden data on November 8th, November 7th, at the Tianhong Fund 2025 Annual Strategy Conference and 20th Anniversary Event, Huang Zihan, Senior Strategy Analyst of Tianhong Fund, believes that the complete market time of this round may be interpreted as half a year or more. In the initial stage, the market has a strong expectation of the bottom, may ignore the deterioration of the fundamentals, and the theme rotation has great flexibility; the actual time for fundamental verification and improvement is relatively long, after the key policy window has passed, the stock price Dalgalanma may gradually magnify and return to the fundamentals.