On October 10th, BlackRock's Chief China Economist Song Yu stated that the current round of policy adjustments that began two weeks ago is a comprehensive adjustment that will have long-term impacts. After significant decisions to increase support for the economy and markets, specific measures need to be gradually implemented. There is high uncertainty regarding the timing and intensity of the implementation of these measures, leading to inevitable market fluctuations. Song Yu believes that for market participants, focusing on the overall direction and trends is crucial. Currently, stock market valuations have visibly recovered, but overall they remain at relatively low levels. It is expected that a package of policies including fiscal policies will continue to be implemented. (The Paper)