According to a research report by CITIC Securities, the "seven giants" of the US stock market have contributed all the upward momentum of the S&P 500 since November 25th, reflecting investors' return to the logic of trading fundamentals in 2025. Against the backdrop of optimistic sentiment being fully overdrawn, liquidity in the US stock market still tightening, and a performance gap period, it is expected that the short-term profit taking correction in the US stock market will continue, and the mandatory consumer, utility, and healthcare industries with strong defensive attributes are expected to relatively outperform. However, in the medium term, if the Federal Reserve does not tighten monetary policy beyond expectations, the overall performance growth rate of the US stock market in 2025 is expected to accelerate year-on-year and gradually spread to non technology industries. The fundamental dimension does not yet support the logic of a bear market in the US stock market.