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The fundamental difference between a bull market and a bear market lies in the liquidity environment. As long as policies continue to release liquidity benefits and the capital is abundant, the "bullishness" of the market will not easily disappear. The entry of long-term pension funds into the market yesterday is a significant positive, as it means the market has obtained a more stable and long-term source of incremental capital.

1. A bull market is not a general rise, but rather a structural rotation. The main line and the supporting line rise alternately, with funds continuously rotating between different sectors. Most of the time, the market will show a "mixed rise and fall" state, with some sectors rising first to attract chasing buyers, and when the sentiment becomes too hot, funds cash out and exit.
Subsequently, another batch of undervalued sectors took over and rose. This is the norm of institutional operations and a true portrayal of structural market trends.

II. Retail Investors' Misconception: It's easy to chase after rising prices, but difficult to hold.
In such an environment, if retail investors blindly chase highs and rises, it is often difficult to achieve real profits. Once the market fluctuates or funds rotate, short-term pullbacks can easily lead to being trapped, even damaging the principal. In contrast, truly mature investors understand how to buy quality assets at low prices, positioning themselves during periods of low sentiment; patiently holding on, waiting for the main upward trend to arrive; avoiding emotional trading, allowing time to realize value.