From November last year to early March this year, under strong expectations and the optimism of foreign investment banks, the A-share market as a whole rebounded strongly, which can almost be compared with that of the second quarter of 2022. There are two main trading logics, one is the recovery of the Chinese economy under the adjustment of COVID-19 measures, and the other is that as the US inflation peak slows down, the monetary tightening is coming to an end.