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Capital market dynamics:Policy expectation:

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.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.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.

Brokerage research:Stock market performance and outlook:Macroeconomic policies: