Today is the last trading day of the the Year of the Loong in the A-share market. After the 8-day Spring Festival holiday, we will embark on a new journey full of hope, and the A-share market in the Year of the Snake is worth looking forward to. Firstly, from the perspective of macroeconomic fundamentals, favorable conditions outweigh unfavorable factors. The "timing" and "momentum" of China's economic development still prevail, which will further strengthen market confidence and confidence. Looking back at 2024, under the conditions of increasing external pressure and internal difficulties, China's total economic output has reached a new level, breaking through 130 trillion yuan for the first time, an increase of 5% compared to 2023. This is a true portrayal of China's stable economic foundation, numerous advantages, strong resilience, and great potential. We are full of confidence in the Chinese economy in 2025: there is a foundation for sustained economic growth, and positive factors are accumulating and increasing; The economy continues to improve with momentum, and new development drivers and advantages continue to grow; The economy continues to improve with support, and the effects of a package of policies continue to emerge; The economy continues to improve with vitality, and deepening reform and opening up will enhance development vitality. Secondly, from the perspective of the development of the capital market, with the implementation and effectiveness of the "Several Opinions on Strengthening Supervision, Preventing Risks, and Promoting High quality Development of the Capital Market" (i.e. the new "National Nine Articles") and the "1+N" policy system for the capital market, a package of targeted incremental policies continue to be implemented, and the stable and healthy development of the capital market has a solid foundation and conditions. Taking the entry of medium and long-term funds into the market as an example, recently, with the approval of the Central Financial Commission, six departments including the Central Financial Office and the China Securities Regulatory Commission jointly issued the "Implementation Plan for Promoting the Entry of Medium and Long term Funds into the Market" (hereinafter referred to as the "Implementation Plan"), focusing on guiding commercial insurance funds, national social security funds, basic pension insurance funds, enterprise (occupational) annuity funds, public funds and other medium and long-term funds to further increase their entry into the market. Medium - and long-term funds are an important professional investment force in the capital market, serving as the "ballast" and "stabilizer" for maintaining the stable and healthy operation of the market, with advantages such as stability, professionalism, and sustainability. The Implementation Plan has released institutional space for the entry of medium and long-term funds into the market, which will help to further increase the entry of medium and long-term funds into the market and enhance their ability to allocate equity; Helps to enhance the inherent stability of the capital market and optimize the ecological structure of the capital market; It helps to enhance the confidence of the market and investors, build a solid foundation for the stable development of the capital market, and assist in the high-quality development of the capital market. Finally, from the perspective of listed companies, by promoting their own high-quality development, enhancing their intrinsic investment value, further boosting market confidence, and maintaining the stable operation of the capital market. Taking dividends as an example, under the active guidance of policies, more and more listed companies have launched plans to distribute dividends multiple times a year to enhance their investment value. According to Wind Information data, as of January 26th, 1015 listed companies have released their mid-term dividend plans (including special dividends) for 2024, involving a total amount of 696.35 billion yuan. At the same time, many listed companies have released their shareholder return plans for the next three years, continuously improving their public, transparent, and sustainable dividend return mechanisms. This not only enhances investors' sense of gain, but also guides them to turn more towards long-term investment, pay more attention to the company's fundamentals and long-term investment value, and form a good trend of value investing. The prospects of China's economy are bright, and the development potential of China's capital market is enormous. We welcome more foreign investment in the A-share market to participate in and share the opportunities of China's economic and capital market reform and development Wu Qing, Chairman of the China Securities Regulatory Commission, said at a recent press conference held by the State Council Information Office. We have every reason to believe that under the resonance of multiple favorable factors, the A-share market in 2025 is promising! (New Society)