Every bull market cycle has commonalities and differences. What remains the same is the cycle itself, while what differs is the narrative, key players, pace, and volatility.

The cycle is the internal driver—the core force propelling bull market development. Meanwhile, various narratives that unfold during a bull market influence its pace and trajectory, ultimately resulting in different volatility levels that impact investor sentiment.

This holds true for China as well as the United States. The Chinese stock market is not as bad as some believe, nor is the U.S. stock market completely smooth sailing. Both markets have winners and losers; it primarily depends on each individual investor's level of personal discipline and development.

Duan Yongping once said in an interview: "The dividends of the times are the same for everyone—so why can some people seize them while others cannot?"

Therefore, while the dividends of the times matter, cognitive dividends are far more important.