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Rule No. 1 in China’s Bull-Market Rally: Don’t Look at Earnings

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If you’re worried about China’s worst earnings season since the global financial crisis, you’re looking at this stock-market rally all wrong.

At least that’s the message from individual investors. They’ve propelled the Shanghai Composite Index to a 90 percent surge since mid-October, even as 2014 profits missed estimates by the most in six years and analysts cut their outlooks at the fastest pace since 2009.