Looking back at the past 12 months, no matter the promises, there will be no large-scale stimulus. There isn't any now, and there won't be in the future. There will only be precise drip irrigation to maintain mild deflation, no money will be distributed, waiting for the real estate market to naturally pass away, just maintaining basic social stability, and there won't be a public opening for personal bankruptcy. The main work still lies in the grassroots rural areas. When social grievances are high, whether to give sugar or a whip can alleviate the problem. The decline of wave C is inevitable, and the cycle will naturally bottom out, provided that the U.S. also hits bottom and clears. In the short term, continue to tighten the belt, and it needs to be tighter. The climax is coming soon.