For global market, we noticed global PMI index reached 50.3%, indicating that the US and world economy is still expanding. Prices of copper and other non-ferrous metal keep rising.

We expect copper to make further highs over the coming quarters, due to the accelerated investment in grid system and manufacturing. Considering the strong economic and employment Indicators, we forecast federal reserve’s timing for monetary easing will be delayed.

For domestic market, exports and high-end manufacturing performed better than domestic consuming and construction. Chinese economy recovered slowly, while still beat the market pessimistic consensus after a whole-year decline in listed company valuations. We noticed that many leading corporates would maintain double-digit earnings increase in the following two years. They also increase dividend payout ratio and buyout.

With the recovery of the semiconductor and memory markets, combined with the overflow of orders from China, we are optimistic about the future performance of related companies in Taiwan, South Korea and Japan.

We have full of confidence in the future of AI. We think the most benefited companies are still in US market. We also expect a fast development of AI applications in the following year after the demand for computing power beat expectation