Northeast Securities Research Reports believe that last week the market was in a window period for profit-taking and reallocation around the New Year, ultimately displaying a downward trend with three consecutive bearish candlesticks. The market decline largely reflects a multi-killing behavior resulting from a situation where entering is stagnant in a competitive environment. Overall, the conclusion of 2024 and the start of 2025 are not perfect, somewhat similar to the trends around New Year 2016 or early last year, but the belief in the valuation bottom and policy bottom since the September 24 market will continue to provide support for 2025. In the short term, it remains in the logic of competitive existence, inclined towards a neutral position without aggressive moves, moderate defense, and focusing on signals of stabilization.