So indeed, Q1 is like easy mode compared to the overall situation in 2025. Q4 might also be easy mode, but Q2 and Q3 will be the hard modes. Especially if inflation stays high in Q2, Q3 could turn into hell mode.

Actually, it’s all there. On one hand, Q1 of 2025 has quite a lot that can be anticipated. At the very least, January’s performance should be decent, basically meeting the expectations for the power transition. February will mostly be dead time, waiting for policies to take effect. March will depend on how those policies pan out. If there’s still nothing by March, we’ll see if the dot plot can hold until April. Starting in April, the difficulty will shoot straight up.