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Morgan Stanley conference call

: 1) Think tanks and advisors from within the system are trying to send a signal that we should trust the determination of top decision-makers. People's mental frameworks have changed, and the determination is clearly there. The intensity and coordination of subsequent policy implementation is just a matter of time. This seems to be the signal the system is trying to convey. 2) Global investors remain cautious about investing in China - they won't act until they see concrete results. They continuously evaluate the strength and scale of announced policies, implementation timelines, and investment directions. These three factors - from scale to direction to speed of implementation - determine whether investing in China represents a major turning point. 3) China's first wave of policies to break deflationary pressures has mostly been rolled out. While these press conferences showed attitude, they lacked novelty. However, we've learned that officials are actively preparing the next round of policy reserves. 4) Many overseas investors may not fully understand that resolving local government debt actually hinges on helping enterprises. Local governments and financing platforms owe state-owned and private enterprises trillions in accounts receivable. Without debt restructuring, these receivables remain stuck on the books, leaving companies unable to pay salaries or maintain operations - essentially cutting off their lifeblood. 5) With the U.S. election approaching, uncertainties around tariffs and trade will likely increase further.