A careful study will reveal that the previous bull markets were all based on macroeconomic cycles of significant monetary easing. In 2018, the Federal Reserve concluded its last round of interest rate hikes, while China was in its most prosperous and affluent period. In 2020, there was also a historic level of monetary easing due to COVID-19. However, in 2024, the macroeconomic environment remains tense, with no sign of interest rate cuts, and geopolitical tensions are high. The macro backdrop is far less favorable than in the previous two instances. If it can still take off under such adverse conditions, then indeed, this cycle cannot be viewed through the lens of a four-year cycle.