The Western China strategy team recently released a report stating that the policy tone of two important meetings at the end of the year aligns with market expectations. The expression of "more proactive and effective" macro policy corresponds to a combination of "more proactive" fiscal policy and "moderately loose" MMF policy. Fiscal policy will focus more on increasing spending, with the deficit rate expected to rise significantly next year. A moderately loose MMF policy means that there may be more room for reserve requirement ratio cuts and interest rate reductions next year than this year. Additionally, the meeting proposed to "stabilize the stock market," indicating that the Capital Markets will also be an important tool for steadying policy expectations next year. Looking ahead, the domestic liquidity environment will continue to be loose, and A-shares are expected to continue to display an upward trend through the end of the year. Attention should be paid to two key directions for policy focus next year: "expanding domestic demand" and "new quality productivity."