International Market: In March, the U.S. stock market showed a downward trend, primarily influenced by the following factors: 1. Increasing global trade barriers, 2. Stricter immigration policies, 3. A reduction in fiscal stimulus measures.These factors combined have heightened concerns about the U.S. economy sliding into stagflation. Based on this assessment, we have modestly reduced our allocation to U.S. equities. We will continue to closely monitor the negative impact of high tariff policies

International Market: The U.S. market is experiencing a phase of volatile decline, with raising uncertainties due to three main factors: 1.Tariff policies have heightened concerns about stagflation. 2.Domestic political uncertainty is making future economic trends harder to predict. 3.High valuations combined with short-term volatility have increased market risks. Nevertheless, we believe that leading AI companies—given their strong growth potential and reasonable valuations—still have limited …

China’s large language model , DeepSeek, has achieved technology approaching world-class levels through structural and algorithmic innovations. More importantly, it has successfully reduced the model size and significantly lowered inference costs, which will greatly accelerate the development of AI applications. International Market: In the U.S. stock market, especially among AI hardware companies, the investment logic has faced short-term challenges. Questions like whether there is still a need

Overseas Market:The U.S. economy continues to grow moderately, with high investments in AI computing power, and it is expected that AI applications will begin to accelerate in 2025.The U.S. stock market is steadily moving upward, and after Christmas, some funds are starting to take profits. Given concerns about inflation, the market is beginning to evaluate the potential for significant interest rate cuts next year, which may lead to market adjustments.Chinese Market:The Chinese economy is slowl

Trumps victory in the election, along with tax cuts and the appreciation of the US dollar, has significantly contributed to the continued growth of the US stock market. Following substantial investments in computational power, we anticipate that AI applications will gradually become more prevalent, progressively boosting revenue in the coming years. Many of our selected assets are already benefiting from this trend. The US economy remains robust, and with interest rate cuts and potential future

In October, global markets entered the earnings season. Onshore Market：In the Chinese market, third-quarter earnings reports indicate a further economic slowdown. However, this has been largely priced into the market, with valuations reflecting lower levels. The market’s focus has now shifted to potential upcoming fiscal stimulus policies. Following the surge at the end of September, the market may need time to digest current valuations and wait for a recovery in fundamentals or clearer policy …

Onshore Market：In September, China market experienced great changes, and relevant index took a V-shaped rebound. During the first half of the month, the index fell sharply as a reflection of an ongoing economic slowdown and lowering expectations for policy stimulus. Starting from September 24, government introduced a package of stimulus policies, including monetary easing, increasing fiscal expenditure promoting domestic demand, issuing special treasury bonds, and striving to resolve local gover

Onshore Market：We notice that China economy continued declining on a month-to-month basis, 1) Consumption and investment remained deteriorating 2) M1 shrank largely 3) PMI maintained under 50%. All these indicated a deficient demand and deflationary pressure for China economy. We expect government will introduce polices to simulate demand, however, which remains uncertain.Offshore Market：US economic growth is slowing. We expect more volatility in US market because of the high valuation and mark…