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Main contents:1. The wording of proactive fiscal policy and deficit shows the determination to exceed expectations, and other contents are basically in line with my expectations. It is reasonable for the market to interpret it as a major positive, and the positive reaction of foreign capital may be related to its large-scale layout of China assets and call options in the early stage.Operational recommendations:

1. In 2025, a proactive fiscal policy will be implemented that exceeds market expectations. It is estimated that the fiscal deficit ratio will exceed 4%, and I predict it will be about 4.5%.3. Tomorrow's sharp rise and general increase of China stock index will be a good opportunity to switch positions and exchange shares.4. Putting the expansion of domestic demand before the development of new quality productive forces shows the adjustment of policy focus.

4. Putting the expansion of domestic demand before the development of new quality productive forces shows the adjustment of policy focus.4. Putting the expansion of domestic demand before the development of new quality productive forces shows the adjustment of policy focus.2. In my opinion, the advantages are mainly reflected in the fact that the management will continue to adhere to the general direction of expanding reform and opening up and vigorously developing the economy, and the loose monetary policy and proactive fiscal policy are also appropriate. It is my expectation to increase and improve people's livelihood and enhance people's sense of gain, happiness and security. I think this content is good, and the key lies in the implementation of specific measures and policies to achieve the above goals. Therefore, the content of the follow-up meeting may be more critical.