Gold at 6 January: Standing at the beginning of 2025, the private sale with an administrative volume exceeding 5 trillion yuan of securities is looking at the long-term direction. According to the latest statistics from 'BuyBuyNet', more than 60% of private sales believe in the positive performance of the A stock market in 2025, while about 30% maintain a neutral position, and the percentage of those who maintain a cautious position is estimated to be less than 10%. At the same time, many major participants in private sales believe that economic fundamentals will continue to improve in 2025, and that the rising opportunities for Chinese and Hong Kong stock markets outweigh the downward risks, and that the current time is a good period to plan structural opportunities. According to external platform monitoring, the average position of private sale funds concentrated in stocks reached 76% by the end of 2024, and the percentage of funds holding positions of fifty percent or more exceeded ninety percent. From an investment opportunity perspective, major participants in private sales tend to prefer assets that benefit from internal economic recovery, technology companies with competitive and innovative capabilities, and assets whose valuations have returned to a reasonable range.