Group 1 - The core viewpoint is that China's economy is continuously recovering, and the bull market pattern remains unchanged despite global uncertainties [1][8] - Geopolitical uncertainties are making the global economy more fragile, but in the medium to long term, capital is expected to flow back to non-US economies, benefiting global economic and financial system rebalancing [8][24] - China's stock market is expected to return to a normal valuation repair process, with a mid-term bull market pattern still intact [14][9] Group 2 - Current economic recovery in China is supported by a complete industrial system, a large domestic market, rich human capital, and enhanced technological innovation capabilities [10] - The Chinese economy is projected to achieve a growth target of around 5% due to positive fiscal policies and a moderately loose monetary environment [10][11] - The RMB is expected to remain stable in the medium to long term, supported by a high trade surplus and inflow of overseas capital into Chinese markets [12][10] Group 3 - The US economy is facing a negative cycle driven by policy uncertainty, with GDP showing negative growth in Q1, indicating that tariff disruptions are beginning to drag on economic growth [18][16] - The Federal Reserve is expected to start cutting interest rates as early as June, with a total of 3 to 4 cuts anticipated throughout the year [18][19] - The trend of "de-dollarization" is emerging, with a reassessment of the dollar's dominance in the global financial system due to rising policy uncertainties and fiscal deficits [20][25] Group 4 - The trend of "sell America, buy Asia" is likely to continue, as capital flows out of US assets into Asian markets, which are perceived as having lower valuations and more stable policies [24][26] - The impact of tariff policies on the economy will gradually manifest in macro data over the next 1 to 2 months, prompting investors to adopt defensive strategies [27][11] - Investors are advised to increase allocations to European investment-grade bonds and stocks, as well as low-risk bonds in Asian markets, while considering higher allocations to gold [27][11]