Morgan Stanley Fund stated that since the end of last year, the A-share market has experienced a rapid decline mainly due to market sentiment and liquidity reasons, with no substantial negative factors. Today's significant increase is also a result of technical correction needed, accompanied by the improvement of previous liquidity problems. There are reports today that members of Trump's new economic team are discussing a gradual tariff plan, slowing down the tax rate. At the same time, the dollar and US bonds have fallen from their highs, easing pressure to some extent. In addition, Pan Gongsheng, the governor of the central bank, stated in his speech at the opening ceremony of the 18th Asian Financial Forum that a more proactive and effective macroeconomic policy will be implemented by 2025 to further improve economic governance. It will strengthen the countercyclical adjustment of macroeconomic policies, correct the trajectory of economic growth and operation, and maintain the stability of economic growth. Governor Pan's latest statement injects confidence into the market. Looking back at the A-share market performance since the end of September last year, it can be defined as wide fluctuations and is still in this phase. From a medium-term perspective, Morgan Stanley Fund believes that the market is still worth being optimistic about. Policy expectations are expected to strengthen before the annual political meetings, helping the market move towards an upward trend amid fluctuations. Many industries are showing positive signs of development. Key focus areas include high dividend stocks with solid fundamentals, A1 with high prosperity, advantaged industries with overseas capabilities, and some consumer sectors benefiting from domestic policies.