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Group 1 - China is developing artificial intelligence to benefit ordinary people, indicating a strategic focus on technology for societal improvement [2][5][25] - Geopolitical pressures and central bank reserve diversification are ongoing, with gold expected to have upside potential due to these factors [5][12][14] - The real estate sector in China is gradually correcting its imbalances, transitioning from investment-driven to consumption-driven growth [5][24] Group 2 - The Federal Reserve is anticipated to cut interest rates twice more this year and possibly another two times next year, with a terminal rate expected around 3.50% [7][10] - Concerns regarding the independence of the Federal Reserve are more perceptual than actual, with current market data not reflecting significant worries [9][12][15] - The market has shown resilience in the face of tariff uncertainties, with companies adjusting through inventory management and supply chain strategies [16][19] Group 3 - The demand for reducing U.S.-centric asset allocation is increasing, with a gradual decline in the dollar's central role in global portfolios [22][23] - Foreign capital inflows into China are influenced by geopolitical factors, but the long-term trend remains positive, particularly in the context of the AI revolution [24][25] - Major risks for 2025 and 2026 include inflation, liquidity, and the independence of the Federal Reserve, with geopolitical risks also being a long-term concern [26][27]