Today, A-shares show a clear divergence in performance, with large-cap stocks led by Banks and Insurance accelerating, and the SSE 50 Index rising nearly 1%; meanwhile, Small Cap stocks suffered a severe decline, with the Wind Micro-Cap Index dropping 7%; Hong Kong stocks experienced strong fluctuations, with the Hang Seng Index rising nearly 1%. Institutions indicated that the economic data across the year-end is expected to remain stable and improve, coupled with positive expectations for next year's debt repayment policies, real estate sales are likely to experience a "small spring", while domestic MMF policies will continue to focus on target-driven guidance. There remains ample room for future easing, and consensus has yet to form between active market funds and institutional funds, thus the "separate pricing" characteristic will continue. Overall, "Themes + Dividends" will drive the year-end market. (Securities Times)