UBS investment bank's head of China stock strategy research, Wang Zonghao, said that he predicts the stock price return of the MSCI China Index to reach 5% to 6% by 2025, and believes that any pullback will provide more attractive entry points for investors. He mentioned that they will continue to adopt a dumbbell strategy, leaning towards holding high dividend stocks while also holding growth sectors supported by fundamentals. He stated that the internet industry remains the top choice, and for other beta targets, he is more optimistic about education, beer, A-share technology, media, and telecommunications. He believes that extreme pessimism has ended, but future volatility may increase. The mainland stock market next year may be influenced by tariffs, geopolitics, policy responses, and retail capital inflows, potentially bringing some downward pressure on stock prices in the short term. However, as mainland listed companies are mainly focused on the domestic economy and have very limited exposure to the US, he believes that domestic policy responses, low base numbers, retail capital inflows, and corporate governance reforms will collectively drive the stock market to record positive returns next year.