Why I’m still optimistic about the Shanghai Composite The bull market starting in 2025 will be a long-term bull driven by the AI revolution and technological advancements. The country has positioned this bull market as a 'reservoir for residents' wealth growth.' This is a clear signal of a slow and steady bull market, with wealth growth driving consumption. The former big players—speculative funds, manipulative institutions, and high-frequency trading—have mostly been cleaned out. Structurally, it’s learning from the U.S. stock market: fund-driven strategies and passive investing are both catalysts for a long-term bull market. The world’s best tech companies are in China, especially in the humanoid robot supply chain, which is almost entirely based here. The peak of the A-share market’s rise will come after humanoid robots begin mass production.