China, with its strongest supply capacity, was once associated with deflation but may now be recognized as the country with the strongest supply capability.

Strategic advantages do not preclude short-term challenges. The transition from old to new economic drivers remains arduous. Markets expect continued fiscal expansion in major overseas economies next year. China’s policy direction will be further clarified at the upcoming year-end economic conference, with self-reliance and long-term planning remaining foundational principles.

Of course, challenges persist. Both consumption and property markets remain subdued. As consumption-related subsidies are gradually phased out, additional pressures may arise, necessitating ongoing policy support and adjustments in these areas. That said, the relative stability of these traditional sectors is helping create valuable space for emerging industries to flourish—something that remains worth anticipating.

What makes China unique is its capacity to offset the decline of old industries with the rise of new ones. That, ultimately, is the most beautiful aspect of this market.

In a market that faces structural challenges but also possesses a clear bottom, different strategies can thrive. Over time, savings that earn barely 1% interest will begin to shift attention back to equities. In the past, we focused primarily on public mutual funds as the bridge for this transition. With the rollout of high-quality development measures, this bridge may now become more effective in converting savings into investment. In addition, insurance companies, especially with the rise of dividend-paying policies and reforms in bancassurance distribution channels, may emerge as another important bridge for channeling household savings into the market.

China may emerge as a major destination for global capital reallocation, which could provide an extra tailwind going forward.

We may be fortunate to have lived through one of the greatest economic miracles in human history, and perhaps we are now standing on the threshold of another chapter: a great migration in global capital allocation.

"As long as we stay on the right path, even through turbulence, we have nothing to fear.”This is the endgame. All we need to do is fasten our seatbelts through the bumps.