Gtja research reports point out that in the short term, the market will fluctuate and rotate, with the direction of the stock index being determined at the end of the year. The key to this round of market lies in the change in the decision-making level towards reversing the economic situation and supporting the capital markets. This is the cornerstone of gradually reshaping long-term expectations, lifting the bottom of the stock market, and breaking out of the mid-term N-shaped trend. The market has also seen a series of incremental policies introduced. At the same time, the potential geopolitical conflict risks implied by Trump's election as president of the usa have decreased, while the risks of economic and technological conflicts have increased. It is unnecessary and unrealistic for domestic policies to tighten, and the expected space for domestic demand policies is opening up. The market will still experience ups and downs, with the directional decision at the end of the year. Whether the policy orientation can move from "expanding mmf" to "expanding credit" is key to whether the market can rise again.