Good afternoon, everyone. Welcome to join us in this meeting on how to look at the 2025 home appliance subsidy. My name is Yan Zhoukun, and I am a research fellow at Zhangshan Securities. Today, I would like to share with you the recent progress of the家电研究幻星, and what we should look forward to in 2025, as well as our recent recommendations. First, let's talk about our recent views. In recent years, we have achieved a very good result It's a very good sign. Starting from the beginning of December, we will la ...