JP Morgan's report pointed out that although Chinese stocks may continue to be under pressure in the short term due to factors such as U.S. policies, a strong dollar, and geopolitical tensions, a market reversal is expected around the end of January as the clarity of Trump's policies towards China and China's responses emerge. After the market reversal, factors such as Lunar New Year (LNY) consumption, macroeconomic data, corporate earnings, and policy stimulus will affect stock market performance. The report noted that a significant increase in household stock allocation, easing U.S.-China relations, and the potential introduction of larger-scale income and consumption stimulus policies are the three major upside risks that have not yet materialized for 2025.