"At present, although the conditions for a comprehensive bull market in A-shares are still somewhat lacking, they are becoming more abundant. Next, we can base ourselves on the structural bull market and prepare for a comprehensive bull market." On March 11, Fu Jingtao, chief analyst of A-share strategy at Shenwan Hongyuan Research, said. Fu Jingtao made the above statement at the Shenwan Hongyuan 2025 Capital Market Spring Strategy Conference. Looking ahead to the market, Fu Jingtao pointed out that the reserve of stable growth policies is sufficient, all downside risks are dealt with, and macro liquidity easing is the direction, so the structural bull market is the basic plate. Looking at the "three pieces of the bull market puzzle", in terms of capital supply and demand, we are waiting for the further accumulation of the money-making effect; in terms of cyclical fundamentals, the optimistic expectation of the upward turning point of A-share profitability next year may be preempted in the second half of this year; at the same time, more optimistic expectations may ferment in 2026. In terms of allocation, Fu Jingtao is strategically optimistic about the investment opportunities in the technology industry trend. "The 'iPhone 4' moment of domestic AI has already arrived. We can refer to the mobile Internet market from 2010 to 2015 to deduce the development process of domestic AI. At present, the macro environment of domestic AI market is more favorable, and the release of AI computing power performance has just started. Don't underestimate the resilience of the AI market in the medium and short term."