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 on the U.S. economy. 

Domestic Market: 

Regarding Chinese assets, major listed companies have reported their performance for the fourth quarter of 2024, which overall met market expectations, with some industry leaders (such as Tencent, Xiaomi, Alibaba, etc.) outperforming those expectations significantly. Additionally, internet and telecom operators are generally sending positive signals, indicating increased capital expenditures related to AI and a stronger commitment to investing in AI applications. China has abundant AI application scenarios and the capability for low-cost AI implementation. We are optimistic about industry leaders leveraging AI to reduce costs and enhance efficiency, and we have increased our allocation to Chinese assets related to AI applications in our portfolio.