$XTALPI(02228.HK) Discussing risks at a stage peak. My personal view is that PharmaTech's fundamentals currently appear sound, and a continued bullish stance based on fundamentals is justified. The biggest risk stems from the source of liquidity. Overall, the liquidity and stock price of PharmaTech are undoubtedly supported by funds from the A-share market. Therefore, from a certain perspective, the sentiment in the A-share market is a crucial support for the stock price at this stage. Of course, we are fortunate to witness the start of a historic slow bull market just as fundamentals have significantly improved. The current pace suggests we are still in the early to mid-stages of the bull market (frankly, I’ve been feeling a bit restless lately, wanting to grow my RMB holdings—seeing my deposits at China Merchants Bank not increasing makes me anxious). However, given the rhythm of the A-share market and the habits of retail investors, confidence in a long-term slow bull market is lacking. How long can this last? Six months? Until Q1 or Q2 next year? Will it? Could the A-share market become overly aggressive, leading to massive bubbles and a rush for the exits? From my current perspective, this is the biggest macro risk PharmaTech faces in the medium term. When market sentiment shifts, investors won’t consider fundamentals—they’ll just want to preserve cash... This is the stampede effect.