China Securities Co.,Ltd. research reports believe that they continue to be bullish on the Chinese stock market in the medium term, with a "confidence revaluation bull" thesis. They also believe that as policies gradually escalate and take effect, the bull market in 2025 is expected to gradually move from a "liquidity bull" to a "fundamental bull". In the short term, they are bullish on the New Year market at the end of the year and the beginning of the year, leaning towards over-allocating several major clues: asset revaluation: benefiting sectors include finance, real estate, and credit bonds; new high-quality productive assets, benefiting from the themes of fiscal "dual upgrades" and "innovation-driven growth", service consumption, and the direction of deepening themes of potential beneficiary supply-side reforms.