Core Viewpoint - The recent financial policies introduced by the People's Bank of China, the Financial Regulatory Administration, and the China Securities Regulatory Commission aim to stabilize and invigorate the capital market, reflecting a consistent and stable macroeconomic policy direction while providing precise financial services to the real economy [1][2]. Group 1: Financial Policies - The financial policies include measures for counter-cyclical adjustments, development of technology finance, enhancement of listed company quality, promotion of long-term capital inflow, and deepening market openness [1][2]. - Key policies focus on supporting the capital market's role as an economic "barometer" and "accelerator," fostering a virtuous cycle of increased returns, capital inflow, and market stability [2]. Group 2: Role of Securities Firms - Securities firms, as direct financing service providers, are expected to maintain market stability, enhance their research capabilities, and promote efficient collaboration between investment banking and investment [3][4]. - The firm aims to provide services for mergers and acquisitions, develop institutional business, and expand international operations to support clients in global asset allocation [5][6]. Group 3: Technology Finance - The bond market's "technology board" is rapidly growing, with initiatives to broaden financing channels for technology enterprises, thereby attracting more social and long-term capital to support innovation [4]. - The firm has successfully issued financial institution technology bonds, indicating a positive market response to these initiatives [4]. Group 4: Future Outlook - The firm plans to continue exploring specialized development in the mergers and acquisitions sector and enhance its international business to meet the growing demand for global market participation [5][6].