In fact, there are quite a few expectations for Q1 of 2025. At least the performance in January can be considered, which basically aligns with the expectations for the transfer of power. February will be more of a waiting period, waiting for the policies to be implemented, and March will be about observing the situation of the implementation. If by March there is still no progress, we will see if the dot plot can be maintained until April, and starting in April, the difficulty will increase sharply.

So indeed, Q1 is relatively simple compared to the overall situation in 2025, and Q4 might also be a simple mode, while Q2 and Q3 will be the difficult mode. Especially if inflation remains high in Q2, Q3 could turn into a hellish mode.

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