At the beginning of 2025, bullish news in the A-share market has come in succession. On the macro level, on January 2, the People's Bank of China and the China Securities Regulatory Commission launched the second round of mutual exchange facilitation operations for securities, Funds, and Insurance companies; on January 4, the People's Bank of China indicated it would "choose the right time to lower the reserve requirement ratio and interest rates," and mentioned "maintaining the stable running of Capital Markets." On the micro level, A-share listed companies frequently reported good news, with many enterprises achieving breakthroughs in their core Businesses and continuously improving profitability; numerous companies are actively deploying and frequently taking actions in technological innovation and industry expansion. Li Zhan, the chief economist of the research department at China Merchants Fund, stated in an interview that due to the impact of global economic uncertainty and geopolitical risks, investors may have significant differences in their expectations for the market and industry in the short term. However, from a long-term perspective, the steady growth of the domestic economy and the gradual effectiveness of policies provide a stable macro environment and ample liquidity for the market, and the A-share market is expected to show a structural upward trend. (Securities Daily)