Clocktower's Chief Strategist Wang Kaiwen: The US stock market has entered the late stage of the cycle, with both earnings growth and valuation pressures coexisting.

Clocktower's chief strategist, Kevin Wang, pointed out that the current U.S. stock market is showing typical characteristics of the late stage of an economic cycle: strong corporate profit growth continues to drive stock prices to new highs, but market valuations for the long term have stopped expanding. He believes that once the market expects a shift towards tightening monetary policy, valuations will face pressure to compress. Based on this, he judges that the U.S. stock market bull market may have entered its "final stage," with profits likely leading to an increase in the first half of the year, but with significant risks increasing in the second half of the year.