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(3) Big A ushered in a big profit that exceeded expectations, and strong stocks rushed to the board with a high probability; However, beware of short-term capital diversion of high-profile popular stocks, and differences will aggravate the high ebb and flow. Under the heavy stimulus, the market index is expected to challenge the pressure in the range of 3500-3674 during the year. The favorable policies focus on the property market (related references: China Merchants Shekou, Poly Group, Gemdale, etc.) and the stock market (related references: Oriental Fortune, Compass, Everbright Securities, etc.). Risk warning: Be careful to prevent the short-term consistency of the market from being too strong, resulting in poor expectations of falling back.(3) Big A ushered in a big profit that exceeded expectations, and strong stocks rushed to the board with a high probability; However, beware of short-term capital diversion of high-profile popular stocks, and differences will aggravate the high ebb and flow. Under the heavy stimulus, the market index is expected to challenge the pressure in the range of 3500-3674 during the year. The favorable policies focus on the property market (related references: China Merchants Shekou, Poly Group, Gemdale, etc.) and the stock market (related references: Oriental Fortune, Compass, Everbright Securities, etc.). Risk warning: Be careful to prevent the short-term consistency of the market from being too strong, resulting in poor expectations of falling back.

(2) The person in charge of the relevant departments of the Ministry of Housing and Urban-Rural Development recently explained the relevant contents of the Opinions of the General Office of the State Council, the General Office of the Central Committee of the CPC on Promoting the Construction of New Urban Infrastructure and Building a Resilient City, and said that government guidance and social participation should be adhered to. Give full play to the decisive role of the market in resource allocation and better play the role of the government, improve support policies, improve the market-oriented mechanism, and encourage social forces to actively participate in the construction of new urban infrastructure and resilient cities. [The real estate policy was followed up and the blue-chip weight appeared to push the index forward](1) the Political Bureau of the Communist Party of China (CPC) Central Committee held a meeting on December 9 to analyze and study the economic work in 2025; The meeting pointed out that a more active fiscal policy and a moderately loose monetary policy should be implemented next year to boost consumption, improve investment efficiency and expand domestic demand in all directions. The meeting emphasized the implementation of more proactive macro policies, expanding domestic demand, promoting the integration of scientific and technological innovation and industrial innovation, and stabilizing the property market and stock market. The overall tone of the meeting's economic policy for next year means that China's stance on monetary policy has changed from "prudent" to "moderately loose" for the first time in more than ten years. [The policy has greatly stimulated China's soaring assets, China's stock market has soared, and China has tripled its long position by more than 20%](2) The person in charge of the relevant departments of the Ministry of Housing and Urban-Rural Development recently explained the relevant contents of the Opinions of the General Office of the State Council, the General Office of the Central Committee of the CPC on Promoting the Construction of New Urban Infrastructure and Building a Resilient City, and said that government guidance and social participation should be adhered to. Give full play to the decisive role of the market in resource allocation and better play the role of the government, improve support policies, improve the market-oriented mechanism, and encourage social forces to actively participate in the construction of new urban infrastructure and resilient cities. [The real estate policy was followed up and the blue-chip weight appeared to push the index forward]

(3) Big A ushered in a big profit that exceeded expectations, and strong stocks rushed to the board with a high probability; However, beware of short-term capital diversion of high-profile popular stocks, and differences will aggravate the high ebb and flow. Under the heavy stimulus, the market index is expected to challenge the pressure in the range of 3500-3674 during the year. The favorable policies focus on the property market (related references: China Merchants Shekou, Poly Group, Gemdale, etc.) and the stock market (related references: Oriental Fortune, Compass, Everbright Securities, etc.). Risk warning: Be careful to prevent the short-term consistency of the market from being too strong, resulting in poor expectations of falling back.(3) Big A ushered in a big profit that exceeded expectations, and strong stocks rushed to the board with a high probability; However, beware of short-term capital diversion of high-profile popular stocks, and differences will aggravate the high ebb and flow. Under the heavy stimulus, the market index is expected to challenge the pressure in the range of 3500-3674 during the year. The favorable policies focus on the property market (related references: China Merchants Shekou, Poly Group, Gemdale, etc.) and the stock market (related references: Oriental Fortune, Compass, Everbright Securities, etc.). Risk warning: Be careful to prevent the short-term consistency of the market from being too strong, resulting in poor expectations of falling back.