According to CoinMeta, Chen Xing, the chief macro analyst at Huafu Securities, stated that under the guidance of top-level planning, the advancement of domestic substitution into a new phase of collaborative development and application has become an important driving force for the medium- to long-term structural trends in the A-share market. He pointed out that China possesses the most comprehensive and well-equipped manufacturing system in the world, and domestic substitution represents a long-term industrial upgrading benefit throughout the "14th Five-Year Plan" period. This trend is expected to continue to unleash the performance potential of hard-tech companies, opening up upward space for related sectors in the A-share market. Additionally, Chen Xing mentioned that comprehensive reforms in investment and financing are now entering a phase of tangible results. It is anticipated that by 2025, various types of medium- to long-term funds will significantly increase their investment in the market, with the actual new inflow exceeding one trillion yuan. Since 2026, funds such as social security, annuities, and insurance have collectively net-bought A-shares for over 600 billion yuan, and the market value of A-shares held by these funds has increased by 12.5% compared to the end of 2025.