GF Securities says a true single-market top is rare — broad A-shares only in 2015, the Dow and S&P never, Nasdaq in 2000. A single top requires either an irreversible funding shock (deleveraging) or a rapid earnings-cycle reversal (one-off profits or a strong cycle turn); current A-share bull conditions and AI-related assets are not subject to either. At worst the market will form repeated/multiple peaks rather than a terminal top, so following July’s rapid pullback GF sees significant room for

GF Securities says a true single-market top is rare — broad A-shares only in 2015, the Dow and S&P never, Nasdaq in 2000. A single top requires either an irreversible funding shock (deleveraging) or a rapid earnings-cycle reversal (one-off profits or a strong cycle turn); current A-share bull conditions and AI-related assets are not subject to either. At worst the market will form repeated/multiple peaks rather than a terminal top, so following July’s rapid pullback GF sees significant room for a corrective rebound in AI assets.