Group 1 - The core viewpoint of the article highlights a resurgence in public fund self-purchases as the year-end approaches, with several fund companies purchasing their new funds in November [1] - As of November 28, the net subscription amount for equity funds in November reached 210 million, with the year-to-date net subscription amount exceeding 4.5 billion, more than double that of the same period last year [1] - Institutional confidence in the equity market is reflected in their accelerated investment with "real money" as the market heads towards the "final battle" in 2025 [1] Group 2 - From a mid-term perspective, it is anticipated that the upward trend will continue into 2026 due to a low probability of a global liquidity crisis and the Federal Reserve remaining in a rate-cutting cycle [1] - Despite ongoing discussions about a technology bubble, the upward cycle in the technology sector has not yet concluded, and the fundamentals of leading tech companies have not reached a peak deterioration stage [1] - The policy environment for A-shares is viewed positively, with future earnings expected to provide clear support for valuations [1]