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Ignite the heat of consumption and promote industrial innovation and upgrading ... As a new economic form, the "first-round economy" has recently become the focus of hot discussion in the market. This central economic work conference is even more clear. Next year, we will focus on expanding the scope and implementing the "two new" policies, innovating diversified consumption scenarios, expanding service consumption, and promoting the development of cultural tourism. Actively develop the starting economy, the ice and snow economy and the silver-haired economy.Ⅲ) Individual stock analysisPersonal re-offer is for reference only.

According to CICC, in combination with the statement of the Economic Work Conference, the impact on A shares is positive, and the "year-end and year-end market" will continue despite twists and turns. China's economic growth and the pace of policy introduction have always been the core factors affecting the sentiment of A-share market. With the interest rate cuts by overseas Federal Reserve and domestic policies, investors' risk appetite in 2025 is expected to be better than that in 2024, and structural opportunities are expected to increase further. The follow-up period will still be the window period for the policy to land, which will help boost investor confidence.Ignite the heat of consumption and promote industrial innovation and upgrading ... As a new economic form, the "first-round economy" has recently become the focus of hot discussion in the market. This central economic work conference is even more clear. Next year, we will focus on expanding the scope and implementing the "two new" policies, innovating diversified consumption scenarios, expanding service consumption, and promoting the development of cultural tourism. Actively develop the starting economy, the ice and snow economy and the silver-haired economy.

Ⅲ) Individual stock analysis..... 2) The follow-up period will still be the window period for the policy to land, which will help boost investor confidence.