Sou Hu Cai Jing·2025-11-17 01:02Core Viewpoint - Chinese stocks are expected to benefit from the AI technology wave and ample liquidity, with reasonable valuations, despite potential year-end volatility. No signals of a bull market peak have been observed, and an overweight position is recommended [1] Summary by Category Chinese Stocks - The outlook for Chinese stocks remains positive due to the influence of AI technology and liquidity conditions, suggesting a continued overweight position [1] US Stocks - Similar bullish logic applies to US stocks; however, concerns about high valuations and low elasticity during the US dollar depreciation cycle suggest a neutral position is more appropriate [1] Interest Rates and Bonds - There is potential for further decline in the central interest rate in China, but the valuation of Chinese bonds is considered high, limiting upside potential, thus a lower allocation is advised [1] - US Treasury bonds are expected to benefit from the Federal Reserve's easing cycle, but face mid-term inflation and debt risks, leading to a neutral allocation recommendation [1] Commodities - Commodities are seen as a hedge against risks associated with changes in gold and stock trends, with a recommendation to adjust from underweight to neutral allocation [1] Gold - Gold is expected to benefit from the Federal Reserve's easing cycle and the restructuring of monetary order, but its valuation is considered high. An overweight position is recommended, with advice to avoid chasing prices and to increase allocation on dips [1]