Core Viewpoint - The value bottom of the A-share market has formed despite external challenges such as tariff disputes and technological blockades, with opportunities for industrial upgrades, institutional reforms, and domestic demand recovery emerging in the current environment [1][2][3]. Group 1: A-share Market Value - The A-share market has shown structural trends driven by breakthroughs in the technology sector, with fields such as computers, machinery, automotive, and electronics leading the market [2]. - China's manufacturing value-added has ranked first globally for 15 consecutive years, with traditional industries like new energy expanding their technological barriers [2][3]. - The capital market is transitioning from a "financing-oriented" approach to an "investment win-win" model, supported by regulatory measures that protect investor interests [3]. Group 2: Long-term Research Strategy - The company emphasizes a long-term approach in its research business, focusing on cultivating internal values rather than recruiting well-known analysts from the industry [4][5]. - The success of the research team is attributed to the internal development of talent, with 25 teams recognized in the "2024 Securities Times Best Analyst Selection," achieving record scores [4][5]. Group 3: Economic Policy Insights - The chief economist highlighted that real estate and prices may still present significant discrepancies in expectations, indicating that counter-cyclical policies are increasingly necessary [6]. - The focus of these policies will significantly impact their execution and effectiveness, depending on whether the emphasis is on quantity or price [6].