Recently, the market has been quite lively, and retail investors' enthusiasm for A-shares seems to have been ignited. Many are even imagining various possibilities for 2027—some say there's a high probability it will be between 4,300 and 4,500 points, while others are more aggressive, with an estimated probability of only 1% to 2%, but still envisioning levels like 6,000 or 5,500.

The problem is that many of these optimists are new investors who entered the market only in the past two years. They don't have a deep understanding of the temperament and characteristics of A-shares, having missed the 2015 massacre when thousands of stocks hit the limit down, or the brutal decline in 2008. This information gap often leads to excessive optimism.

Let's look at it from a different perspective. What is the core behind the fierce rally of the US stock market? It's the seven major tech giants—NVIDIA, Apple, Google, Microsoft, Tesla, Facebook, and Amazon. These companies are all top-tier global enterprises with solid revenue figures.

And what about A-shares? In the past few bull markets, the biggest gains often came from small-cap stocks, some of which are still losing money. The structural differences are so significant that if the market suddenly surges to 5,000 or 6,000 points in the short term, history has repeatedly proven that—after a rapid rise—comes a rapid fall. When that adjustment happens, it can be truly disastrous.

Therefore, the country won't allow such wild growth to occur. The so-called "slow bull" is actually the ideal scenario—hovering around 4,300 to 4,600 points by the end of 2026, and progressing to around 4,500 to 4,900 points by the end of 2027. Steady upward movement with manageable risks. This is the true sustainable growth logic.