Tianfeng strategy: Where is the main trend of the bull market?

The current round of increase is not completely a systematic general rise in valuation, with relatively obvious structural characteristics, led by TMT. The contribution of TMT enjoying a valuation premium under the industrial trend to the overall A-share increase has not reached an extreme level. From a short-term contribution perspective, AI has not yet reached an extremely overheated state. Looking for leading stocks and taking a long-term view, with Guizhou Maotai and CATL as anchors, it is possible that Cambrian may still have some room to contribute to the market increase in this market trend.