Zenghao, General Manager and Investment Director of Bosera Fund's Equity Investment Division, stated that in terms of investment themes and logic, firstly, new quality productivity remains an important area of focus. Currently, our economic transformation direction will not change, and the new quality productivity field is a long-term point for promoting the switch of economic momentum and a short-term focal point for cushioning policies. Secondly, with economic recovery, it is highly likely that many industries will reverse from distress in 2025, and industries with performance bottom restoration are expected to become the main focus of the market. Thirdly, potential directions for mergers and acquisitions can be observed. It is suggested to pay attention to the restructuring and integration of state-owned enterprises, as well as industries such as Machinery, pharmaceuticals, electronics, and chemicals where integration is accelerating.