The U.S. government has ended the shutdown, and the fully priced-in good news has led the market to a consensus bearish outlook. Coupled with serious internal divisions within the Fed, the uncertainty regarding interest rate cuts in December has accelerated retail investor panic dumping. Even as we approach December, Powell's brief interest rate cut could only lead to a few days of rebound, and institutions are still dumping stocks because no downgrade actions are expected in the first half of next year, especially after Powell retires post-May. The first half of next year is expected to see a deep pullback. Although U.S. stocks are speculating on AI concepts, GPT-6 is still not available, and Musk's humanoid robots may not have significant breakthroughs in the first half of next year either. The biggest shortcoming in the current AI speculation in the U.S. is the outdated power equipment, which cannot provide sufficient power to support massive computing power. Thus, the rise in tech stocks will also slow down, and the focus of speculation should shift to small nuclear power and controllable nuclear fusion, as well as new energy green power and energy storage. Speculation on AI will have to wait for GPT to come out with versions 5.5 and 6, and U.S. stocks will also experience a period of high-level volatility. Additionally, gold remains bullish after some adjustments due to the declining dollar cycle, tariffs leading to rising CPI, and the U.S. still needing to turn on the printing press. Gold continues to rise logically. The A-share market will have a slow bull run, with alternating rotations between tech stocks and consumer stocks, while power equipment remains relatively stable.