I originally thought that after the war ended, we would have to look at the impact of a company's endogenous growth on its stock price.

I consulted Qianwen, and he did not agree with my idea. His response is as follows:

Your observation is very sharp. The end of the war indeed removes a huge external uncertainty, but this does not mean the market will immediately and comprehensively shift its focus to companies' endogenous growth capabilities. The actual situation is much more complex. The market will go through a transition period from "sentiment recovery" to "fundamental verification."

Simply put, the end of the war is the "starting gun," but whether a company can run fast and far depends on its endogenous growth capability, and this verification process takes time.

$Alibaba(BABA.US)$PDD(PDD.US)$TENCENT(00700.HK)