The stock market is widely recognized as a core driver of socio-economic development and a vital source of wealth accumulation. A stable, healthy, long-term bull market characterized by gradual appreciation is essential for economic progress and serves as an objective necessity for increasing societal and public wealth.

As we transition from 2025 into 2026, the Chinese stock market continues to exhibit a bullish trend. A critical question arises: will 2026 see a repetition of the historic pattern observed over the past 35 years—a cycle of frenzied, rapid surges followed by prolonged declines—or will it decisively break from this legacy of "crazy bull" and "long bear" markets? The hope is for a shift towards a sustained, stable advance, one grounded in value principles and propelled by low valuations, leading to a enduring "slow bull" market.

My cautious perspective on the current bull run stems from persistent market anomalies where the most loss-making or overvalued stocks are sometimes celebrated as top performers, while fundamentally sound, undervalued companies are overlooked. The momentum of this bull market should not deviate from the laws of value and rational judgment. This viewpoint aligns with sentiments expressed in a February 1, 2026, article, which warned that finance becomes unsustainable and risks crisis if it becomes detached from the real economy and engages in self-reinforcing speculation.

Does any bull market automatically benefit socio-economic development and enhance public wealth and income? This is a crucial question for all participants in China's capital market to ponder as we enter the new year. Common sense suggests that only one type of bull market genuinely fosters economic growth and broad-based prosperity: a "slow and long bull" market led by undervalued assets and consistent with value investment principles. This is the only path that can sustainably promote development, create societal wealth, and raise people's incomes.

Over the last 35 years, the market has experienced several intense, short-lived "crazy bull" rallies fueled by speculative capital. These episodes have not only damaged market health but have also disrupted the wealth-building journeys of countless investors.

There is now a collective anticipation for the stock market to embark on a path of steady, sustained growth, transforming it into a reliable platform for wealth accumulation for ordinary citizens.

I am convinced that a bull market which truly benefits the economy and public welfare must be a "slow and long bull" market, guided by low valuations and adherence to fundamental value principles.

This message is dedicated to the 200 million stock investors and 700 million fund holders in China, as well as to the supporters, clients, and friends of my fund. On a personal note, I will dedicate greater effort to contemplating how China's stock market can achieve healthy development, work diligently to create value for my clients, and strive to meet the expectations of my loved ones. Wishing everyone prosperity in the Year of the Horse!