Every bull market cycle has commonalities and differences; what's the same is the cycle itself, while what differs is the narrative, protagonists, pace, and volatility.

The cycle is the endogenous factor, the core driving force behind bull market development; meanwhile, the various narratives that unfold during a bull market influence the cycle's pace and trajectory, ultimately resulting in different volatility levels, which in turn affect investor sentiment.

This is true for China, and equally true for the United States. The Chinese stock market isn't as dire as some claim, nor is the U.S. stock market completely smooth sailing. Both markets have winners and losers; it primarily depends on individual investors' level of personal cultivation.

Duan Yongping once said in an interview: "The demographic dividend is the same for everyone, so why can some seize it while others cannot?"

Therefore, while demographic dividends matter, cognitive dividends are even more important.