UBS Group's China stocks strategist Meng Lei said that A-share profits may see a significant recovery in the first half of the year, with improvements expected in each quarter. Meng Lei stated: "Since late September, as gradual easing measures have been implemented, market participants and the real economy's expectations have reversed. High-frequency data shows that since October, real estate transaction volumes in more cities, except for first-tier cities, have begun to increase." He also added that bullish policies typically take three to six months to impact corporate profits, therefore, the third quarter of 2024-2025 may be a profit trough.