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CDB Securities predicts that the A-share market will gather momentum in 2025, and the policy shift has far-reaching significance, and market expectations and confidence will be restored.The activity of the stock market has recovered, both the Shanghai Composite Index and the Entrepreneurship Index are on the rise, and the market as a whole is in a state of bullish momentum.The activity of the stock market has recovered, both the Shanghai Composite Index and the Entrepreneurship Index are on the rise, and the market as a whole is in a state of bullish momentum.

The audit authority of local government special debt projects may be delegated to the provincial level, and 12 provinces are expected to land, which may affect the financial operation and investment projects of local governments.Foreign exchange reserves and gold reserves:The audit authority of local government special debt projects may be delegated to the provincial level, and 12 provinces are expected to land, which may affect the financial operation and investment projects of local governments.

Policy expectation:Industrial economy:Macroeconomic policies: