As for whether there will be a "bull return" market in the second half of the year, there is no need to speculate too much. The possibility of interest rate cuts seems a bit far off at the moment, at least until May, when it is clear that there will be no cuts. With time stretching far apart, there could be changes; if inflation unexpectedly rises due to factors such as increased tariffs, rate cuts will be out of reach. In that case, it will be almost 100% confirmed that 110000 is the highest point of this round. Even if there are indeed two rate cuts as scheduled, it won't go up much higher,