Core Viewpoint - The A-share market is increasingly clear in its long-term investment logic, supported by systemic reforms and open policies that create positive feedback with technology innovation, industrial upgrades, wealth growth, and foreign openness [1][2]. Group 1: Market Developments - The A-share market has seen continuous improvement in its foundational systems over the past year, enhancing market resilience [1]. - There is a strong influx of funds into emerging markets this year, positioning A-shares as a global valuation lowland, which is expected to welcome a new growth cycle in foreign capital inflow [1]. Group 2: Policy and Reform - The upcoming implementation of reforms in the ChiNext board aims to establish listing standards that better align with the characteristics of emerging fields and future industry innovation, providing more precise and inclusive financial services for new industries, new business formats, and new technology enterprises [1]. - Deepening capital market reforms is a crucial measure aligned with the "14th Five-Year Plan" goals of building a modern industrial system and accelerating high-level technological self-reliance [1]. Group 3: Long-term Outlook - In the short term, policy synergy is expected to accelerate the long-term valuation repair process of the A-share market [2]. - In the medium to long term, a more inclusive, adaptable, and attractive capital market will effectively support the real economy while achieving its own healthy development [2].