CICC observes that China's stock market's current resurgence is fueled by a confluence of factors. Notably, technological advancements have accelerated, leading to a revision in the market's previously pessimistic outlook for China's medium- to long-term economic prospects. The government has also heightened its focus on the economy, real estate market, and stock market, fostering a general consensus that downside risks are manageable. Looking ahead, technological advancements are anticipated to continue propelling relevant sectors forward. Furthermore, from a financial cycle perspective, alleviating the debt burden of pertinent sectors and strengthening balance sheets will provide broader support to the stock market. In particular, reducing the debt burden of both the broader government and residents is paramount. The synergistic efforts between monetary and fiscal policies will be instrumental in achieving this, while also facilitating a transition in the market from reallocation effects to profit-driven dynamics.