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This content explained my long-standing confusion:

Long-term holding is a "creed" in stock market investing, but it's not always effective in practice.

1. Statistics and comparisons between long-term holding and market timing usually consider US stock taxes and transaction costs, which significantly erode the returns from timing. This point is completely inapplicable in the A-shares market, and it's also starting to change in the US market as new brokers enter.

2. Market timing can usually significantly reduce the volatility of a portfolio. From an individual perspective, the lower the volatility, the better the potential return performance.

3. From a marketing perspective, the concept of long-term holding is also somewhat bolstered by institutional promotion. Promoting long-term holding helps to steadily increase fundraising.