久违了的3,800突破了，市场将何去何从？投资者应该如何交易？这篇是双语报告，用两种语言预测市场走势。

Doubts about the Bull, But …

Last week, the Chinese market saw its best weekly gain since October 2024. The Shanghai Composite successfully broke through and closed above 3,800, a level of round-number significance. However, despite a powerful rally on Friday, there were more stocks falling than rising at Friday’s close. As many were traumatized by Chinese markets’ transient spurs, the debate about whether it was a bull market or just a dead-cat bounce raged on.

We traveled in the mainland extensively last week, meeting with key institutional clients and sovereign funds. Although the market had been surging and I maintained our optimistic outlook on the market, we could sense the hesitation during the meetings. A common opposition we received was that pockets of the market were getting expensive.

还有声音对牛市将信将疑，但……

上周，中国市场迎来了自2024年10月以来最佳的单周涨幅。上证综指成功突破并收于3800点上方。这是一个具有整数意义的点位。然而，尽管周五市场强劲上攻，但周五收盘时下跌股票数量却多于上涨股票。由于许多人曾在中国市场的暴涨暴跌中受挫，市场关于这是牛市的开始还是仅仅是技术反弹的争论愈演愈烈。

上周，我们深入内地，与主要机构客户和一些主权基金会面交流。尽管市场一直在飙升，而且我对市场保持乐观的看法，但在会面中我们能感觉到空气中的一丝犹豫。一个普遍质疑是，部分市场板块开始被高估了。