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(1) the Political Bureau of the Communist Party of China (CPC) Central Committee held a meeting on December 9 to analyze and study the economic work in 2025; The meeting pointed out that a more active fiscal policy and a moderately loose monetary policy should be implemented next year to boost consumption, improve investment efficiency and expand domestic demand in all directions. The meeting emphasized the implementation of more proactive macro policies, expanding domestic demand, promoting the integration of scientific and technological innovation and industrial innovation, and stabilizing the property market and stock market. The overall tone of the meeting's economic policy for next year means that China's stance on monetary policy has changed from "prudent" to "moderately loose" for the first time in more than ten years. [The policy has greatly stimulated China's soaring assets, China's stock market has soared, and China has tripled its long position by more than 20%]