On Friday, the Nasdaq China Dragon Index declined 1.8%, with popular Chinese concept stocks falling collectively. Alibaba (BABA.US) dropped over 2%, Futu Holdings Limited (FUTU.US) fell more than 4%, Li Auto (LI.US) and Tiger Brokers (TIGR.US) both declined over 3%, while TAL Education Group (TAL.US) dropped nearly 1%. Additionally, the Shanghai Composite Index fell 0.65% during the trading session, and the Hang Seng Index declined 1.35%.

On the news front, the U.S. Dollar Index has continued its upward momentum recently, breaking through the 98 level last night with strength, as global risk appetite continues to cool. Guotai Haitong noted that the Chinese stock market will not stop here, emphasizing that understanding the "transformation bull" market requires recognizing its key driving forces. The market adjustment presents opportunities, and A-share and H-share indices are expected to reach new highs going forward.