Renowned strategy analyst Xun Yugen recently released his latest market views, pointing out that the current A-share market has entered the second phase of the bull run driven by fundamentals. He believes that this bull run started on September 24, 2024, and its macro background is quite similar to the bull run that began on May 19, 1999, both focusing on addressing deflation issues at the policy level.

Xun Yugen emphasized that there are currently no signals indicating the end of the bull run in the market, such as a significant improvement in fundamentals or a shift in policy. At the same time, current market valuations and sentiment indicators remain at moderate levels. He predicts that as the repair of fundamentals gradually progresses, market hotspots will spread from point to area.

In terms of investment themes, Xun Yugeng believes that the technology sector remains the core of this bull run, with tech stocks represented by the computing power concept benefiting first from the improvement in fundamentals. However, he also reminds investors to pay attention to potential style rotation and market structure rebalancing that may occur during the mid-term of the bull run. Therefore, he suggests moderately focusing on areas that have lagged in growth, such as traditional sectors like real estate, securities, and liquor consumption, to seize potential stage opportunities.

Overall, Xun Yugen's analysis paints a clear picture of the evolution of a bull run for investors, highlighting the long-term theme of technological innovation while also pointing out the short-term opportunities brought about by market rotation, providing useful references for investors to formulate comprehensive investment strategies.