Core Viewpoint - The research process is iterative and requires continuous denial and reconstruction to approach the truth, emphasizing the importance of diligent and practical research in the investment banking sector [22]. Group 1 - The year 2025 is marked as a year of comprehensive upgrade for the research team, focusing on restructuring the research framework and systematically displaying research results [22]. - The new development phase of the economy is characterized by a shift in policy focus towards "people-centered" strategies, emphasizing long-term strategies for expanding domestic demand rather than short-term stimuli [25]. - The "new three drivers" of the economy, including service consumption, service industry investment, and service exports, have shown significant acceleration, indicating an approaching transformation opportunity [24]. Group 2 - The "anti-involution" movement is seen as a new phase of supply-side structural reform, with increased government and industry attention, broader coverage, and stronger coordination between policies and market mechanisms [26]. - The global macroeconomic landscape is expected to experience significant changes, particularly with the "American exceptionalism" narrative being challenged, leading to a rebalancing of global funds [29]. - Geopolitical risks have become a crucial factor in global macroeconomics and asset pricing since the Russia-Ukraine conflict, with ongoing developments in geopolitical tensions influencing market narratives [32].