On December 27, the Shanghai Stock Exchange issued a notice titled 'Notice on Temporarily Waiving Certain 2025 Annual Fees', introducing a series of fee reduction and benefit measures for 2025, including waiving listing fees for companies listed on the Shanghai Stock Exchange, reducing the usage fees for trading units, and waiving handling fees for bonds excluding Convertible Bonds. On the same day, the Shenzhen Stock Exchange released a notice titled 'Notice on Reducing and Exempting Related Fees for 2025', launching several fee reduction measures for 2025, including waiving listing fees for companies and Funds listed on the Shenzhen Stock Exchange, and waiving trading unit flow fees for Funds, Bonds (excluding Convertible Bonds), and Asset-Backed Securities. The Shanghai Stock Exchange expects the fee reduction and benefits amount to approximately 0.965 billion yuan in 2025, while the Shenzhen Stock Exchange mentioned that the overall expected fee reduction amount in 2025 is close to 0.5 billion yuan, totaling nearly 1.465 billion yuan combined. (Hongxing Capital Bureau)