Panic sentiment has recently decreased significantly. When the volatility index first falls below the key level of 14 points within three months, historical data provides an interesting reference—over the subsequent 9-month and 12-month periods, the related index recorded a 100% positive return, with maximum drawdowns controlled within 20%.

From the perspective of historical path averages, the outlook for the first half of 2026 shows a pattern of initial decline followed by a rebound. There may be some adjustment pressure in the early stage, but a rebound is expected in the later stage. This volatility characteristic has certain reference value for risk management and timing.

It should be noted that although past data provides directional guidance, the market is always full of uncertainties. Investors should consider the current macro environment, policy changes, and technical signals comprehensively when formulating strategies, and avoid over-relying on historical patterns.