Galaxy Securities Global Technology Investment Forum was held in Beijing on November 28th. Yang Chao, Chief Strategy Analyst of Galaxy Securities, mentioned in the speech that in 2025, the A-share market may experience a spiral upward trend with significant uncertainty in the future investment environment. External factors such as geopolitical issues and trade policies pose risks that may exert certain pressures on the A-share market. However, it is expected that China's policies will proactively act, with expectations of improving fundamentals and accelerating marginal improvements in A-share performance, leading to a spiral upward trend in the market. In terms of thematic styles, it is predicted that large cap.growth stocks will have an advantage, providing a bullish outlook for technology growth sectors. It is recommended to focus on: 1. Sectors with significant improvements in performance margins, such as the consumer 360 index; 2. The financial industry, which has potential for both performance and valuation upside; 3. Investment opportunities related to 'new momentum,' especially in the technology innovation theme; 4. Investment opportunities in state-owned enterprise reform thematic.