On January 7, China Galaxy Securities held its 2025 strategy meeting in Shenzhen, themed "Great Reconstruction, Great Change." In his speech, Xue Jun, Deputy Secretary of the Party Committee and President of China Galaxy Securities, stated that over the past year, the market has witnessed rapid development in technology innovation, profound adjustments in the Global Industry Chain, and significant changes in the international political and economic landscape. Currently, the global economy is undergoing reconstruction and transformation, where building a more robust and sustainable development model amidst reconstruction and finding new economic growth points and investment opportunities during transformation will be the key Topics for discussion among market participants in 2025. Regarding the 2025 market outlook, China Galaxy Securities indicated that the underlying logic of our economic policy has been restructured, and that the Capital Markets have ushered in a rare development opportunity. In 2025, on one hand, stronger counter-cyclical policies will be implemented to cushion the pain of transitioning between new and old driving forces, thereby promoting stability and improving expectations; on the other hand, landmark reforms will be promoted to achieve effectiveness, driving development and further enhancing expectations.