The first round of buyback and destruction has been finalized, establishing two core references for the market—timing and price points.

After the destruction was completed on October 22, the market did not experience a sudden surge or a fleeting rally. Instead, from this point onward, a genuine upward shift in the central price range began. Over the course of a week, the cumulative increase was 4.62%, and after a month, this figure expanded to 13.04%. Starting from the destruction completion price, the cumulative gains at the phase high are even more impressive—the entire trajectory reflects the market's rational pricing of the destruction mechanism, rather than emotional volatility. This structural gradual upward pattern precisely demonstrates the substantive significance of large-scale buyback and destruction as a long-term value support.