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The market is still in the bull market three-wave cycle.Five waves are recession waves, and it is hard to say how much they can rise, but the cycle is likely to end next year, at the latest in the first quarter of 2026. The overall bull market cycle is about two years.

The time period of Sanlang will end in the first quarter with a high probability.The time period of Sanlang will end in the first quarter with a high probability.

This round of bull market is generally a bit stuck.If big consumption and new energy really peak next year, basically the bull market in the market will be over.The brokerage sector as a whole has already broken out, and it may not be realistic to have too much space behind it. Focus on the bull market in the broader market. (Bull market three waves play brokers)