Of course, challenges persist. Both consumption and property markets remain subdued. As consumption-related subsidies are gradually phased out, additional pressures may arise, necessitating ongoing policy support and adjustments in these areas. That said, the relative stability of these traditional sectors is helping create valuable space for emerging industries to flourish—something that remains worth anticipating.

In a market that faces structural challenges but also possesses a clear bottom, different strategies can thrive. Over time, savings that earn barely 1% interest will begin to shift attention back to equities. In the past, we focused primarily on public mutual funds as the bridge for this transition. With the rollout of high-quality development measures, this bridge may now become more effective in converting savings into investment. In addition, insurance companies, especially with the rise of dividend-paying policies and reforms in bancassurance distribution channels, may emerge as another important bridge for channeling household savings into the market.