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 slowly recovering, and the effects of policy stimulus are beginning to gradually materialize. The second-hand housing market in first-tier cities has seen a strong recovery for four consecutive months. Driven by government subsidies, the home appliance, automotive, and dining sectors are maintaining rapid growth. New stimulus policies are also set to be introduced, focusing on promoting domestic demand, with expectations that the subsidy scope will expand to consumer electronics.

Stocks are maintaining a volatile trend as the market awaits new stimulus policies. Through our research on ByteDance's AI large model, we found that the integration of domestic large models with application scenarios exceeds market expectations, and the computing power costs are low. We anticipate that more applications will be implemented in the Chinese market starting from 2025. We are particularly optimistic about related internet and hardware companies, such as Xiaomi and Tencent.

In 2025, we will closely monitor the development of AI applications in both China and the United States.