In its second-half 2025 market outlook report, CICC highlights that while China's economy has exhibited improvement since the start of the year, external uncertainties have intensified. The global geopolitical landscape and technological advancements have emerged as pivotal market drivers, contributing to frequent, albeit narrow-range, fluctuations in the A-share market. Structurally, sectors such as growth, consumption, cycles, and dividends have demonstrated notable performance. Compared to 2024, investors are expected to display a heightened risk appetite, leading to more structural opportunities albeit with increased volatility and reduced amplitude. CICC advises investors to revert to a strategy focused on stock selection based on economic prosperity and meticulous investment track planning. The current dynamics of the A-share market align with earlier projections, where a bottom-up stock selection approach has outperformed a top-down industry selection strategy. CICC postulates that the stage bottom for the A-share market for the entire year may have already materialized in early April, emphasizing the importance of closely monitoring changes in market structure and rhythm throughout the second half of 2025.