While the profits of listed companies continue to recover, the A-share market has also recently undergone some adjustments. Regarding this, it is clearly believed that fluctuations in overseas markets and changes in market expectations have affected recent market performance. On the one hand, changes in the Federal Reserve's policy and fluctuations in overseas markets disrupted risk appetite in the domestic market; on the other hand, market sentiment also fluctuated in stages after investors formed high and consistent expectations for the AI industry in the early stages. However, from a fundamental point of view, profit recovery is still expected to support the market. Clearly stated that the profit cycle of listed companies in China has strong macroeconomic characteristics, showing strong correlation with fiscal strength, PPI, exports, etc. If the steady growth policy remains strong in the future, and PPI and export growth rates continue to be high and support the stock market profit cycle, then stock market profits are expected to further drive the market.

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