Report Industry Investment Rating No relevant content provided. Core Views of the Report - For stock index futures, consider taking phased profit - taking or defensive operations, and consider short - selling small - and medium - cap indices on rallies due to high congestion and market instability [13]. - For Treasury bond futures, focus on the stock - bond seesaw logic and the steep curve trend [14]. - For the European container shipping route, the previous trading momentum has been released, and now the focus is on the implementation of the freight rate increase. The 08 contract may be volatile, and long - term factors such as trans - route rebalancing and demand need to be monitored [16]. - For cotton, the easing of Sino - US tariff friction may stimulate short - term demand, but there are still pressures. The overall cotton market is technically pressured, and the price rebounds at a low level but is still below the 60 - day moving average [16][17]. - For sugar, the supply is currently abundant, but there are uncertainties in making up the production - demand gap. The price shows a volatile trend, and international supply surplus may suppress long - term prices [18][20]. - For eggs, the consumption may improve before the Dragon Boat Festival, and the spot price may stop falling and rebound. However, the price is expected to face pressure in June. It is recommended to gradually take profit on short positions [21][22]. - For apples, a light - position positive spread strategy is recommended [22]. - For red dates, short positions can be held, and attention should be paid to downstream demand and abnormal changes in the production area [24]. - For live pigs, the spot price is expected to be weak, and it is recommended to short near - month contracts. The supply side faces double negative factors, and the demand side has a seasonal weakening expectation [25]. - For crude oil, the long - term price is in a downward trend, and it is expected to remain weak. Short - term sanctions on Iran may cause a price rebound, but the upward driving force is insufficient [25]. - For fuel oil, its price will follow the trend of crude oil. The demand for low - sulfur fuel oil is supported by refined oil cracking profit, but weak shipping demand is a continuous influencing factor [27]. - For caustic soda, the market's future demand expectation is pessimistic, but the spot is currently strong. If alumina enterprises resume production, the demand may increase. It is advisable to gradually enter long positions [28]. - For soda ash and glass, soda ash is in the maintenance period, with supply expected to increase slightly, and the price is still weak. Glass demand has not improved significantly, and the price is expected to fluctuate or decline slightly in the short term [29]. - For asphalt, the futures price is expected to follow the decline of crude oil price and approach 3400 yuan, and the upper pressure is the same as that of crude oil [31]. - For the polyester industry chain, a volatile approach is recommended in the short term, and short - selling opportunities can be awaited in the medium term. Attention should be paid to the change in the basis [32]. - For pulp, the short - term supply - demand has no obvious contradiction, and the price may rebound due to tariff and replenishment demand. The future arrival volume is expected to change seasonally [33]. - For logs, the short - term price is expected to fluctuate. Attention should be paid to downstream construction and port inventory. Short - term call options can be sold for hedging, and long - term out - of - the - money call options can be bought at low prices [34]. - For urea, with the start of export inspection and the arrival of the agricultural demand season, the demand is expected to improve. If the futures price further drops, long positions can be considered [35]. - For synthetic rubber, the price of butadiene has declined, and the price of cis - butadiene rubber is expected to be weak in the short term. Attention should be paid to device changes, inventory, and downstream procurement sentiment [36]. - For aluminum and alumina, aluminum price is expected to fluctuate, and it is advisable to buy on dips. Alumina supply is expected to balance in June, and long positions can be considered when the futures price is deeply discounted to the spot price [37]. - For lithium carbonate, the future demand of the finished product is restricted, and the price is expected to fluctuate. Attention should be paid to the possibility of upstream production reduction [38]. - For industrial silicon and polysilicon, industrial silicon is expected to be bearish before the effective supply reduction in the wet season. Polysilicon is expected to be weak and volatile, and short - selling can be considered for far - month contracts [39][40]. - For steel and iron ore, the short - term price is expected to fluctuate and sort out, and the long - term trend is weak due to strong supply and weak demand [41]. - For coking coal and coke, the fundamentals have not changed substantially, and they are expected to fluctuate weakly in the short term [43]. - For ferroalloys, for ferrosilicon, short positions can take profit at low prices, and for silicomanganese, short positions can be held for observation [45]. Summary According to Related Catalogs Macroeconomic Information - The National Internet Information Office and financial regulatory authorities have dealt with accounts and websites spreading false capital market information, conducting illegal stock recommendations, and hyping virtual currency trading [10]. - The State Council has reviewed and approved the Action Plan for Green and Low - Carbon Development of the Manufacturing Industry (2025 - 2027), studied measures to improve the horizontal ecological protection compensation mechanism, and discussed the draft amendment to the Food Safety Law [10]. - US President Trump has threatened to impose a 50% tariff on EU goods starting from June 1st and a 25% tariff on non - US - made products of mobile phone manufacturers [10]. - US Treasury Secretary Besent believes that Trump's tariff threat aims to prompt the EU to act faster, and the US is expected to reach agreements with other countries within 90 days [11]. - Most banks' large - denomination certificate of deposit interest rates are declining. A private bank may lower the interest rates of some deposit products on May 27th [11]. - Multiple provinces have strengthened the management of special bond funds, and the Ministry of Finance's regulatory bureau has made it a key management point [11]. - If Trump imposes a 50% tariff on the EU, Germany may lose about 200 billion euros by the end of his second term in 2028 [11]. - The Shanghai Shipping Exchange's report shows that the Chinese export container shipping market is improving, and the national economy is growing steadily. In April, the industrial added value of large - scale industries increased by 6.1% year - on - year [12]. - China and the Netherlands will communicate on semiconductor export control issues to maintain the stability of the global semiconductor supply chain [12]. - Chicago Fed President Goolsby believes that although the threshold for short - term interest rate cuts is "slightly high", rate cuts are possible in the next 10 - 16 months, and high tariffs are "terrible for the supply chain" [12]. Futures Markets Stock Index Futures - The strategy is to consider phased profit - taking or defensive operations, and short - sell small - and medium - cap indices on rallies. The high congestion of small - cap indices and market instability have led to a decline. The previous policies have shown weak support for the domestic economic cycle, and the market may rest in the short term [13]. Treasury Bond Futures - The strategy is to focus on the stock - bond seesaw logic and the steep curve trend. The bond market sentiment was affected by the MLF injection and bond issuance. The current contradiction in the bond market may be bond issuance, and the supply pressure affects the capital flow [14][15]. European Container Shipping Route - The previous trading momentum has been released, and now the focus is on the implementation of the freight rate increase. The 08 contract may be volatile due to previous tariff sentiment and time lag. In the long term, factors such as trans - route rebalancing and demand need to be monitored [16]. Cotton - The easing of Sino - US tariff friction may stimulate short - term demand, but there are still pressures. The overall cotton market is technically pressured, and the price rebounds at a low level but is still below the 60 - day moving average. Attention should be paid to the downstream demand and inventory digestion [16][17][18]. Sugar - The supply is currently abundant, but there are uncertainties in making up the production - demand gap. The price shows a volatile trend. International supply surplus may suppress long - term prices, and domestic supply is relatively loose but inventory is low. Attention should be paid to import supply [18][20][21]. Eggs - The consumption may improve before the Dragon Boat Festival, and the spot price may stop falling and rebound. However, the price is expected to face pressure in June due to large supply, quality problems, and lack of festival - driven consumption. It is recommended to gradually take profit on short positions [21][22]. Apples - A light - position positive spread strategy is recommended. The current situation of fruit setting in different regions is inconsistent, and the inventory is at a low level in the past six years. The price and sales volume are expected to be stable before the Dragon Boat Festival [22][24]. Red Dates - Short positions can be held, and attention should be paid to downstream demand and abnormal changes in the production area. The market trading atmosphere has weakened after the Dragon Boat Festival stocking, and the supply is sufficient [24]. Live Pigs - The spot price is expected to be weak, and it is recommended to short near - month contracts. The supply side faces double negative factors of increased theoretical supply pressure and high inventory, and the demand side has a seasonal weakening expectation [25]. Crude Oil - The long - term price is in a downward trend, and it is expected to remain weak. OPEC + plans to increase production, and global economic weakness may affect demand. Short - term sanctions on Iran may cause a price rebound, but the upward driving force is insufficient [25]. Fuel Oil - Its price will follow the trend of crude oil. The demand for low - sulfur fuel oil is supported by refined oil cracking profit, but weak shipping demand is a continuous influencing factor. The supply from Iran is a risk factor [27]. Caustic Soda - The market's future demand expectation is pessimistic, but the spot is currently strong. If alumina enterprises resume production, the demand may increase. It is advisable to gradually enter long positions. The spot price in Shandong is stable, and the futures price is currently at a discount [28]. Soda Ash and Glass - Soda ash is in the maintenance period, with supply expected to increase slightly, and the price is still weak. The downstream demand is stable. Glass demand has not improved significantly, and the price is expected to fluctuate or decline slightly in the short term. The supply is increasing, and the demand is mainly for rigid needs [29][30]. Asphalt - The futures price is expected to follow the decline of crude oil price and approach 3400 yuan, and the upper pressure is the same as that of crude oil. The price in Shandong increased slightly over the weekend, and the production of refineries is lower than expected [31]. Polyester Industry Chain - A volatile approach is recommended in the short term, and short - selling opportunities can be awaited in the medium term. The price decline is affected by factors such as crude oil regression, restart of maintenance devices, and potential production cuts in downstream staple fibers. Attention should be paid to the change in the basis [32]. Pulp - The short - term supply - demand has no obvious contradiction, and the price may rebound due to tariff and replenishment demand. The future arrival volume is expected to change seasonally. The downstream construction has changed slightly, and cultural paper has issued price - increase notices [33]. Logs - The short - term price is expected to fluctuate. Attention should be paid to downstream construction and port inventory. Short - term call options can be sold for hedging, and long - term out - of - the - money call options can be bought at low prices. The supply and demand are basically balanced in the short term [34]. Urea - With the start of export inspection and the arrival of the agricultural demand season, the demand is expected to improve. The price of urea in the spot market is slightly declining, and the futures price is also falling. If the futures price further drops, long positions can be considered [35][36]. Synthetic Rubber - The price of butadiene has declined, and the price of cis - butadiene rubber is expected to be weak in the short term. Attention should be paid to device changes, inventory, and downstream procurement sentiment [36]. Aluminum and Alumina - Aluminum price is supported by low warehouse receipts and inventory, but it is expected to fluctuate due to trade negotiations and off - season expectations. Alumina supply is expected to balance in June, and long positions can be considered when the futures price is deeply discounted to the spot price [37]. Lithium Carbonate - The future demand of the finished product is restricted, and the price is expected to fluctuate. The price decline may increase the possibility of upstream production reduction. Attention should be paid to the supply - demand change of the product itself [38]. Industrial Silicon and Polysilicon - Industrial silicon is expected to be bearish before the effective supply reduction in the wet season. Polysilicon is expected to be weak and volatile, and short - selling can be considered for far - month contracts. The supply - demand situation of polysilicon is affected by factors such as photovoltaic installation data and component production [39][40]. Steel and Iron Ore - The short - term price is expected to fluctuate and sort out, and the long - term trend is weak due to strong supply and weak demand. The demand from the real estate, infrastructure, and manufacturing industries is weak, and the supply side has a certain reduction in iron - making molten iron production [41][42]. Coking Coal and Coke - The fundamentals have not changed substantially, and they are expected to fluctuate weakly in the short term. The steel - making blast furnace restart is basically in place, and the supply of coking coal is relatively loose, while the supply - demand of coke is basically balanced [43][44]. Ferroalloys - For ferrosilicon, short positions can take profit at low prices, and for silicomanganese, short positions can be held for observation. The current supply - demand of both has no obvious contradiction, and the cost of ferrosilicon is affected by electricity prices [45].

传统投资决策的盲区往往源于单一资产类别的视角局限。巨匯通过股票、债券、大宗商品与外汇市场的联动分析，将分散的金融要素编织成动态关系网。当 美国劳工部发布非农就业数据时，平台能在9秒内同步更新美元指数期货持仓变化、科技股波动率指数以及黄金避险资金流向，这种全资产透视能力就像为 投资者配备了金融市场的热成像仪。5月美联储利率决议期间，系统提前24小时预警欧元/美元1.08-1.095的震荡区间，通过历史波动率对比与流动性监测模 型，帮助用户规避了15%的潜在回撤风险。 经济周期罗盘：策略适配器的运作逻辑 在全球金融市场波动加剧的2025年，投资者比以往任何时候都更需要穿透数据迷雾的导航系统。Macro Global Markets巨匯凭借其覆盖全球的实时数据网 络，正成为超过200万专业用户的首选分析平台——这里每分钟处理超过1.2亿条市场数据，相当于每秒为每位投资者过滤出最具价值的2.3个决策信号。 在平台的核心策略库中，Global Macro框架将经济周期切割为四个象限：高增长高通胀、高增长低通胀、低增长高通胀、低增长低通胀。每个象限对应着差 异化的资产配置模板，例如当前全球经济处于"温和通胀下的结构性增长 ...

CEI的四大组成部分包括：非农就业人数、剔除转移支付的个人收入、制造与贸易销售额、以及工业生 产。其中，工业生产在4月基本持平，是对指数拉动最弱的组成部分。 此外，滞后经济指数(LAG)在4月增长0.3%，至119.3点，扭转3月的0.1%跌幅。在过去六个月内(2024年 10月至2025年4月)，LAG累计上涨0.8%，也扭转了前一阶段(2024年4月至10月)的0.8%跌势，反映出经 济部分后周期因素出现复苏迹象。 智通财经APP获悉，美国经济咨商会5月最新发布数据显示，美国2025年4月领先经济指数(LEI)大幅下 跌1.0%，降至99.4点，为自2023年3月以来的最大月度跌幅。此前3月数据也由原先的-0.7%向下修正 至-0.8%。 数据显示，截至2025年4月的六个月内，LEI累计下降2.0%，与前一阶段(2024年4月至10月)持平，表明 下行趋势持续。 美国经济咨商会商业周期指标高级经理Justyna Zabinska-La Monica指出："本次LEI的月度跌幅是自2023 年3月以来最为剧烈，当时市场普遍担忧经济将陷入衰退，尽管最终并未成真。大多数指标组件均出现 恶化，尤其是消费者商业预 ...

Core Insights - The article discusses the importance of understanding and navigating economic cycles for companies, emphasizing the need for resilience and strong leadership during these periods [1][2][4] Company Development Stages - The development of the company can be divided into three major phases, with the first phase from 2015 to 2021 characterized by rapid growth during an economic upturn, achieving an average annual growth rate of 70% [5][8] - The second phase from 2021 to 2023 was a challenging period marked by slower growth due to both economic downturns and internal transformations, highlighting that internal challenges can be more significant than external economic conditions [10][11] - The third phase from 2024 to the present has seen a return to high-speed growth, with net profit quadrupling compared to the previous year, attributed to prior organizational changes and a clear focus on goals [18] Leadership and Organizational Culture - The CEO emphasizes the importance of cultivating a mission-driven culture within the organization, stating that the core responsibilities of leadership should focus on nurturing talent, generating revenue, and setting direction [9][12] - The company has shifted its focus to internal talent development, with 80%-90% of new management coming from within, which fosters a strong organizational culture and innovation [20][21] - A resilient organization is characterized by a team that values long-term goals over immediate financial gains, allowing it to navigate both peaks and troughs effectively [14][25] Financial Performance - Despite facing economic challenges, the company reported a revenue of 1.357 billion yuan in the previous year, a 6.8% increase, and an adjusted net profit of 80.169 million yuan, a 427% increase [2] - The company has maintained a focus on profitability and sustainable growth, even during periods of loss, emphasizing the importance of healthy business operations [15][16] Market Position and Innovation - The company has established itself as a leader in multiple sectors, including IT services and supply chain management, with unique capabilities such as a two-hour service response time and a deep remanufacturing facility [18][19] - The organization is transitioning towards an innovation-driven model, where new products and services are developed internally, reflecting a shift in corporate culture towards creativity and responsiveness [23][24]

Core Viewpoint - The article emphasizes the importance of organizational resilience and the role of leadership in navigating economic cycles, highlighting that a company's ability to adapt and thrive during downturns is crucial for long-term success [1][2][12]. Group 1: Economic Cycles and Company Growth - The concept of economic cycles is discussed, with a distinction made between external economic cycles and internal company life cycles, both of which test a company's resilience and management capabilities [1][2]. - Easy Point Cloud, as a leading IT solutions provider in Hong Kong, achieved a revenue of 1.357 billion yuan in the previous year, marking a 6.8% increase, and a net profit of 80.169 million yuan, up 427% year-on-year, demonstrating its ability to grow against economic headwinds [2][5]. Group 2: Stages of Development - The development of Easy Point Cloud is categorized into three major phases, with the first phase from 2015 to 2021 characterized by rapid growth during an economic upturn, achieving an average annual growth rate of 70% [6][11]. - The second phase from 2021 to 2023 was marked by slower growth due to economic downturns and internal transformation challenges, emphasizing that internal issues often pose greater challenges than external economic conditions [11][12]. - The third phase, starting in 2024, has seen a resurgence in growth, with net profit quadrupling compared to the previous year, attributed to prior organizational changes and clear goals [20]. Group 3: Leadership and Organizational Culture - The CEO's primary responsibilities are identified as nurturing talent, generating revenue, and providing direction, with a strong emphasis on cultivating a mission-driven culture within the organization [10][13]. - The article argues that a resilient organization is built on a foundation of individuals who prioritize mission and vision over immediate financial gain, fostering a long-term perspective [15][16]. - The importance of internal talent development is highlighted, with 80%-90% of new executives coming from within the company, reflecting a shift towards nurturing homegrown talent [22][23]. Group 4: Innovation and Market Adaptation - Easy Point Cloud's approach to innovation is described as a response to market changes, with a focus on creating new products and services driven by internal talent rather than solely top-down directives [24][25]. - The company has successfully launched new products like AH21 and AI01, prioritizing customer value over past asset considerations, indicating a commitment to market responsiveness and innovation [25][26].

期货研究报告|宏观数据 2025-05-15 4 月关税冲击影响，待 5 月一揽子政策 ——中国金融系列十三 研究院 徐闻宇 xuwenyu@htfc.com 从业资格号：F0299877 投资咨询号：Z0011454 投资咨询业务资格： 证监许可【2011】1289 号 宏观事件 5 月 14 日，央行发布 2025 年 4 月金融统计数据。数据显示：2025 年 1-4 月社融规模增 量为 16.34 万亿(15.18 万亿 )，比去年同期多 3.61 万亿( 多 2.37 万亿 )；4 月 M2 余额 325.17 万 亿(326.06 万亿 )，同比+8%(+7%)；M1 余额 109.14 万亿(113.49 万亿 )，同比+1.5%(+1.6%)。4 月末人民币贷款余额同比+7.2%(+7.4%)，存款余额同比+8%(+6.7%) *。 * 括号内为前值，数据来源：人民银行。 核心观点 ■ 4 月谨慎 负债端：M1/M2 剪刀差扩张。1）4 月 M1 改善低预期（3 月+1.6%；4 月+1.5%），2024 年防空转的低基数下扩张有限；M2 增速小幅回升（由+7.0%回升至+8.0%），表现为非 ...

Core Viewpoint - The article discusses the potential market trends following the consensus on tariff adjustments between China and the U.S., emphasizing the expected outperformance of non-U.S. assets, particularly gold and Hong Kong stocks, in the current economic climate [1][2][11]. Group 1: Market Trends and Asset Performance - Non-U.S. assets are expected to outperform this year, with gold significantly leading the way [2][11]. - The article suggests that this year should focus on assets outside the U.S., such as Hong Kong stocks, the euro, and gold [3][13]. - The weakening of the U.S. dollar is anticipated to continue for several years, impacting gold prices positively [8][19]. Group 2: Hong Kong Stock Market Outlook - The Hong Kong stock market is projected to reach new highs, with a specific forecast of surpassing 24,000 points by the third quarter [6][45]. - The article notes that the recent high of 24,874 points was observed in March, and a new peak is expected soon [7][45]. - Key sectors expected to drive this growth include technology, consumer goods, and healthcare, supported by favorable national policies and strong earnings growth [47]. Group 3: Economic Influences and Predictions - The article highlights that individual actions, such as those by former President Trump, cannot alter the overall economic cycle but can increase market volatility [5][30][34]. - The article emphasizes the importance of understanding the logic behind market valuations, particularly regarding the price-to-earnings (PE) ratios of Hong Kong stocks [41][42]. - It suggests that significant inflows of capital from mainland China could positively impact the Hong Kong market [43].

Summary of Conference Call Notes Industry or Company Involved - The discussion primarily revolves around the **Hong Kong stock market** and **global investment strategies** in relation to the **US dollar** and **gold**. Core Points and Arguments 1. **Weakening of the US Dollar**: The expectation is that the US dollar will continue to weaken, leading to non-US assets outperforming US assets this year, particularly in the context of the Hong Kong stock market reaching new highs [1][2] 2. **Investment Strategy Shift**: Investors are advised to reconsider their portfolio allocations, focusing on non-US assets such as European stocks, Hong Kong stocks, euros, and gold for new investments, while maintaining some US assets due to the size of the US economy [2][6] 3. **Gold as a Hedge**: Gold is highlighted as a strong asset class that has performed well this year, providing a hedge against the risks associated with US stocks. The argument is made that gold and stocks generally move in opposite directions [3][6] 4. **Bitcoin vs. Gold**: There is skepticism about Bitcoin being considered "digital gold," with a preference expressed for investing in actual gold due to its limited supply and historical value [3][4] 5. **Economic Policy Critique**: The current US administration's policies are critiqued for failing to bring manufacturing back to the US, with examples such as Apple producing iPhones in India instead of the US. This reflects a broader skepticism about the effectiveness of these policies in changing economic cycles [5][6] 6. **Valuation of Hong Kong Stocks**: The discussion includes the valuation of Hong Kong stocks, suggesting that despite a low price-to-earnings (PE) ratio, there is a need for a clear rationale for any expected increase in valuation multiples. Factors such as monetary easing and increased capital inflow from mainland China are mentioned as potential drivers for higher valuations [6][7] Other Important but Possibly Overlooked Content 1. **Market Volatility**: The volatility in the market is acknowledged, with a note on how external factors can influence investor behavior and market movements [4][5] 2. **Long-term Trends**: The speaker emphasizes that while short-term fluctuations may occur, the long-term economic trends are unlikely to change significantly due to policy changes [4][5] 3. **Future Projections for Hong Kong Stocks**: There is a belief that Hong Kong stocks will reach new highs, with projections suggesting a potential increase beyond the previous high of 24,000 points by the third quarter [6][7]

Group 1 - The core viewpoint is that despite the S&P 500 index rising for nine consecutive days, it is still down 3% year-to-date, while the iShares MSCI EAFE ETF has increased by 14% this year [1] - Morgan Stanley's chief market strategist, Mike Wilson, emphasizes a focus on cyclical factors rather than structural ones when evaluating U.S. and international stock performance [1] - Wilson believes that high-quality growth assets are favored in a slowing macro environment, with U.S. large-cap indices performing well due to their lower earnings volatility [1] Group 2 - Wilson identifies that the next significant test for the S&P 500 index will occur in the 5750 to 5800 range, where the 200-day and 100-day moving averages converge [2] - Two of the four conditions necessary for a sustained rally have been met: increased optimism regarding the U.S.-China trade agreement and stable corporate earnings forecasts [4] - For continued upward movement, a more dovish Federal Reserve and a 10-year Treasury yield below 4% are required [5] Group 3 - One downside risk is the deterioration of the labor market, although companies have not broadly implemented layoffs according to earnings call data [6] - Another risk is if the 10-year Treasury yield exceeds 4.5%, which could negatively impact stock valuations by reversing the correlation between stock returns and bond yields [6]

Core Insights - The article highlights a summer reading event organized by Nomura, featuring recommendations from financial experts on various impactful books related to economics, labor, and technology [1]. Group 1: Economic Insights - "Prosperity and Stagnation: Japan's Economic Development and Transformation" by Takumitsu Ito and Yutaka Hoshi provides a comprehensive overview of Japan's post-war economic miracle and the reasons behind its prolonged stagnation, addressing challenges like deflation and an aging population through structural reforms [4]. - The book serves as a valuable resource for economists, policymakers, and market participants, offering insights into Japan's unique systems, trade policies, and financial frameworks [4]. Group 2: Labor and Society - "Transitional Labor: Delivery Riders in the Platform Economy" by Sun Ping explores the lives and labor conditions of delivery riders in China, introducing the concept of "transitional labor" to describe their high mobility and uncertainty driven by algorithms [7]. - The book combines academic depth with humanistic concern, appealing to readers interested in the gig economy, digital transformation, and labor rights, while reflecting on the ethical and social security implications of work in the digital age [7]. Group 3: Technological Advancements - "The Coming Wave" by Mustafa Suleyman and Michael Bascall discusses the origins and spread of technological revolutions, emphasizing the current wave centered around artificial intelligence and life sciences, which includes robotics, quantum computing, and energy transition [13]. - The authors analyze the characteristics of this technological wave, such as asymmetry, super-evolution, generality, and autonomy, providing insights into future opportunities and risks, while advocating for the necessity and feasibility of technology regulation [13]. Group 4: Investment Strategies - "Cycles" by Howard Marks offers a profound exploration of the cyclical nature of economies, businesses, and stock markets, making it a significant reference for those involved in stock research and investment, particularly in the technology sector [20].