According to the swhy strategy report, value management is reshaping the aesthetics of A shares: the 'New Nine Article' has opened up a new paradigm for value management in A shares, with corporate governance and shareholder returns becoming important new aesthetics in A shares. Broad-based high-dividend investments are the new 'third-order aesthetic' in A shares. If there is growth potential, invest in growth; if not, invest in high dividends (instead of trading opportunities that lack basic support), which is in line with international standards. This changes the 'benchmark' for A shares from zero-sum/negative-sum games to positive-sum games, which is the key to A-share investment moving towards greater value. The 'New Nine Article' may also bring trillions of incremental funds to A-shares: the effective increase in the equity allocation ratio of insurance companies and the accelerated development of passive products. In 2016, the opening up and reform of A-shares to foreign investment ultimately brought in trillions of yuan in incremental funds, and the incremental development of domestic institutional investors was also at the trillion-yuan level. Incremental funds under the 'New Nine Article' may come from the increase in the equity allocation ratio of insurance. We are optimistic that the ultimate proportion of equity allocation by insurance companies may exceed 20% (as of the end of the first quarter of 24Q1, it was 12.5%).