Masters have been very straightforward in their writings from nearly a hundred years ago:

"During an economic recession, as dividends and corporate profits decrease, the stock market will rise.
If interest rates fall, you must buy stocks, don't consider this or that."
So many online celebrity economists analyze and analyze, but if they could sit down and seriously read one or two masterworks, they wouldn't have been bearish on the Chinese stock market in recent years.
Prices are determined by supply and demand, related to fundamentals, but actually not that significant.
The more people believe in fundamentals, the greater the demand for stocks with good fundamentals, and prices will rise, but fundamentals are just one of the factors that determine demand.
Various factors jointly determine demand, and at different stages, the weights of these factors vary.