Nan Fang Du Shi Bao·2025-12-18 16:11Group 1 - The core viewpoint of the report emphasizes that artificial intelligence (AI) and cloud computing are expected to proliferate at an exponential rate, necessitating accelerated data center expansion [1] - The report highlights that Asia and emerging markets present compelling growth opportunities due to structural reforms, strong domestic consumption, and attractive stock market valuations [1] - HSBC anticipates that China will continue to implement economic stimulus policies, focusing on boosting consumption, improving livelihoods, and stabilizing the real estate market [2] Group 2 - The report indicates that the "AI+" trend is likely to continue, with significant investment opportunities emerging within the expanding AI ecosystem across various industries [3][4] - HSBC notes that the gold market has seen a price increase of over 50% year-to-date, marking its best performance since 1979, and expects this upward trend to continue due to strong central bank demand and concerns over dollar depreciation [5][6] - The investment strategy has been adjusted to increase allocations in Asian markets while moderately reducing exposure to the U.S. market, reflecting a diversified approach to risk management [6]