In the first half of the year, the most important Political Bureau Conference released policy signals

serious when the economy (profit) when the loss of elasticity of the market,
the biggest influence is what? Some people say that the funds (risk-free interest rates),
some people say that emotions (risk preferences),
these are what we see,
but it may not be fundamental.
In the past and for quite some time to come,
policies are the most important variables to be ignored.
Many people will argue that there is no policy in the traditional pricing model.
As long as the company is profitable,
the funds are abundant and the mood is getting better,
the market will go up and there is no need to care about any policy.
But in fact,
at the bottom of China's economic shift,
emotions are directly affected by the policy,
it is difficult to be spared.
Maybe in a few cases,
a company can o