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1. In 2025, a proactive fiscal policy will be implemented that exceeds market expectations. It is estimated that the fiscal deficit ratio will exceed 4%, and I predict it will be about 4.5%.Opening at 3500 tomorrow, interpretation of economic conference4. Putting the expansion of domestic demand before the development of new quality productive forces shows the adjustment of policy focus.

1. The wording of proactive fiscal policy and deficit shows the determination to exceed expectations, and other contents are basically in line with my expectations. It is reasonable for the market to interpret it as a major positive, and the positive reaction of foreign capital may be related to its large-scale layout of China assets and call options in the early stage.1. In 2025, a proactive fiscal policy will be implemented that exceeds market expectations. It is estimated that the fiscal deficit ratio will exceed 4%, and I predict it will be about 4.5%.

1. The contents of the meeting and the response from the external market will further boost market confidence, enhance the risk appetite of funds, and increase our chances and success rate of investing in financial markets.3. Emphasis on stabilizing the property market and the stock market. Beijing rarely mentions the stock market, showing its importance.4. Putting the expansion of domestic demand before the development of new quality productive forces shows the adjustment of policy focus.