CITIC SEC's strategy Research Reports indicate that the economic data across the year-end is expected to remain stable and improve, combined with the possibility of the debt policy being advanced next year, real estate sales are also anticipated to experience a "small spring". The domestic MMF policy will continue to adhere to a goal-oriented approach, and there remains considerable room for further easing. The active capital in the market has yet to form a consensus with institutional funds, and the characteristic of "separated pricing" will persist. It is expected that the thematic rotation led by active capital and the willingness of institutional funds to increase allocation to dividends will drive the year-end market trend. Firstly, as policies take effect, the economic data across the year-end is expected to continue on a trend of stability and improvement, with policies like replacing old with new likely ensuring a smooth transition across the year-end, and the debt policy next year is anticipated to be advanced, while real estate sales are also poised for a "small spring." Secondly, the domestic MMF policy insists on a goal-oriented direction, and there remains considerable space for further easing. The bond market is ahead of the domestic interest rate cut expectations, and the loose domestic macro monetary environment remains the strongest support for A-shares. Finally, under active market trading, a new consensus among funds has yet to form, and the characteristic of "separated pricing" will continue. It is expected that the thematic rotation led by active capital will gradually narrow down, while the willingness of long-term institutional funds to allocate to dividends will increase, with both factors jointly driving the year-end market trend for A-shares.