The market will soon cease to price external factors, and the core issue for A-shares in 2025 remains how to respond to the domestic debt cycle. International experience indicates that improving expectations is an effective way to break the bottleneck of monetary transmission and is a crucial prerequisite for escaping the 'liquidity trap.' With ongoing policy support, the stock market serves as a key tool for stabilizing expectations, leaving little room for downward adjustment. Strategic optimism is advised, as the market style will still tend to favor heavily invested public offerings in the short term. From a medium to long-term perspective, it is still recommended to allocate based on the following three directions: continue to accumulate low-priced 'safe assets' with pricing power; focus demand on the overseas chains aimed at belt and road initiative concept countries, and enhance the 'Kote Estimation' position amid fluctuations; pay attention to themes related to mergers and acquisitions.