The nine consecutive days of gains have come to an end. Yesterday, the Shanghai Composite Index only slightly declined by 0.16 points, a decrease of less than 0.01%—this precise performance perfectly illustrates the value of time.

What’s even more noteworthy is the performance of trading volume. Staying above 2.1 trillion for three consecutive days, although the index remains in a volatile pattern, indicates that funds are quietly accumulating—this is the real highlight.

Today is the last trading day of 2025, and it’s a critical moment for closing the daily, weekly, monthly, quarterly, and yearly charts. Looking back over the year, the market experienced two major phases: the spring rally driven by technology concepts (mid-January to mid-March), followed by a dual-driven pattern with bank stocks leading and tech stocks taking over (mid-April to mid-November).

To be honest, although it’s not quite the "big bull market" many expected at the start of the year, 2025 has still been the most stable year since 2019. The market has mostly been in an upward trend, with the rhythm tightly controlled.

The initial judgment at the beginning of the year was "below 3,200 points is more of an opportunity, around 3,100 points is the bottom," and the Shanghai Composite Index ultimately touched a low of 3,040 points for the year, fully confirming this view. During several major fluctuations, the key tops and bottoms were precisely identified, thanks to strict control by large funds over the slow bull rhythm.

This is also a key reason why we can still be optimistic about 2026. The recent advice is simple—just hold your position, don’t over-interpret. Once everything returns to normal after New Year’s Day, it’s not too late to make new plans. Wishing everyone good health and successful investments in the new year!