The last trading day of 2025, the A-share index closed at 3968 points, close to the previous view that A-shares will stay around 3965 and not return to 4000 points.

Looking back at the long-term review, I think it was quite reasonable. In September, I mentioned that October would be volatile, and November would hit new highs.

A-shares reached their high point of the year in November. In mid-December, I predicted a small-scale rally at the end of the year, and December saw ten consecutive positive days:

Overall, this year's A-share market performed very well. Although we didn't catch the momentum of the computing power sector, there were also sectors like robotics, consumer goods, and non-ferrous metals.

The lively market during the Spring Festival in 2026, A-shares will see 4200 points.....