ShenWan Hongyuan: The biggest impact of the US-Iran conflict has passed, and the market bottom and growth style bottom are established concurrently.

Shenwan Hongyuan released a research report stating that it is reasonable for there to be fluctuations in the standoff between the US and Iran. The expected duration of the US-Iran standoff has lengthened, and the market has already priced it in. The medium-term macroeconomic situation has basically converged, and the US-Iran conflict, as the main contradiction in asset pricing, is coming to an end. While further fluctuations are inevitable, the negative impact may be weaker than before. It is reiterated that this round of market bottom, as well as the style bottom, has been reached. The pattern of "two-stage bull market" is returning.