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CDB Securities predicts that the A-share market will gather momentum in 2025, and the policy shift has far-reaching significance, and market expectations and confidence will be restored.700 billion yuan of ultra-long-term special treasury bonds have all been allocated to "double" projects, and the implementation will be accelerated, which will have an impact on infrastructure construction and economic development.According to the data of the State Administration of Foreign Exchange, by the end of November, 2024, China's foreign exchange reserves were US$ 3,265.9 billion, up US$ 4.8 billion from the end of October, and its gold reserves also increased.

Capital market dynamics:Macroeconomic policies:Executives of photovoltaic module battery companies said that they have signed a self-discipline convention and will start to control production capacity next month, which may have an impact on the photovoltaic industry.

700 billion yuan of ultra-long-term special treasury bonds have all been allocated to "double" projects, and the implementation will be accelerated, which will have an impact on infrastructure construction and economic development.The activity of the stock market has recovered, both the Shanghai Composite Index and the Entrepreneurship Index are on the rise, and the market as a whole is in a state of bullish momentum.Xinhua News Agency commented that the central government has a large room for borrowing and deficit improvement. Looking forward to the closing year of the 14 th Five-Year Plan in 2025, the space for fiscal policy development has attracted much attention.