Core Viewpoint - The article discusses the increasing difficulty of asset allocation in a chaotic global environment, highlighting the challenges faced by high-net-worth individuals in securing their wealth and achieving satisfactory returns [2][3]. Domestic Asset Dilemma - Over the past decade, fixed-income assets, particularly non-standard assets, have been crucial for wealthy individuals in China. However, current comprehensive interest rates are at historical lows, and non-standard assets are gradually being phased out [4]. - Real estate, once a primary investment for affluent individuals, now shows an average rental return of 2.3% in the top 20 cities, making it less attractive due to liquidity issues and high transaction costs [4]. Increased Uncertainty Overseas - The trend of investing abroad has been beneficial for high-net-worth individuals in recent years, with investments in USD deposits, US stocks, and real estate in the US and Japan yielding good returns. However, potential returns are now significantly lower, and uncertainty has increased [5][6]. AI Investment Uncertainty - Current AI investments in the US resemble past infrastructure investments in China, appearing beneficial but ultimately unsustainable due to the mismatch between cash flow and debt burdens [7][8]. - Structural uncertainties in AI investments have risen, including questions about technology paths and which service providers will succeed [8]. Economic Outlook - The US economy is expected to slow significantly in the second half of next year, with AI investment being a major support for economic resilience over the past two years. However, signs of layoffs and declining housing prices in Silicon Valley indicate emerging challenges [10]. - The current high valuations and earnings in the US stock market suggest limited future returns, with a likelihood of long-term depreciation of the USD against the RMB [10]. Gold Investment Outlook - The best phase for gold investment appears to be over, with rising uncertainties and potential overvaluation based on historical pricing models [12][14]. - Recent sales of gold by central banks, particularly by Russia, signal a significant change in the market dynamics for gold [18]. Asset Allocation Challenges - The article emphasizes that asset allocation has become more complex, with increasing uncertainties regarding the safety of wealth, especially for Chinese individuals with assets abroad [20]. - The potential for major countries, including the US, to face fiscal issues could further complicate the investment landscape [20]. Investment Opportunities - Despite economic challenges, the A-share and Hong Kong stock markets currently offer some of the highest implied returns globally, with the Shanghai Composite Index trading at a PE ratio of around 13, implying a return of approximately 7% [21]. - The article suggests that even in a weak economic environment, the return on equity (ROE) for core indices may stabilize, providing a foundation for future growth [23][25]. Examples of Resilience - The article highlights examples of leading companies in struggling industries, such as construction materials and real estate, that have managed to maintain profitability and even grow amidst broader market challenges [26][33]. Future Market Outlook - The potential for a significant bull market is discussed, driven by the return of wealth from overseas and the reallocation of global capital towards Chinese assets as the domestic economy stabilizes [39][43]. - Historical patterns suggest that a low-interest environment combined with a lack of investment opportunities in other major markets could lead to a new bubble in Chinese assets [44][46].

Group 1 - The article highlights a significant increase in young participants (aged 20-30) in the Seoul Half Marathon, rising from 59% in 2023 to 71% in 2024, indicating a growing trend of running as a leisure activity among this demographic [1] - The term "heart-price ratio" has emerged in South Korea, reflecting the comparison between psychological satisfaction and actual costs, particularly among younger generations who prioritize cost-effective yet fulfilling activities [1][2] - The pandemic led to a surge in golf participation among young people, but post-pandemic, interest has shifted towards lower-cost activities like running and hiking, as travel options have reopened [1] Group 2 - The concept of "heart-price ratio" is particularly relevant during economic downturns, as younger individuals seek to maximize satisfaction while minimizing expenses, leading to a shift in consumption patterns [2] - Young consumers are willing to spend on experiences that provide psychological comfort, such as dining at upscale restaurants or purchasing premium pet food, despite financial constraints [2] - The evolving consumer behavior is characterized by unpredictability, with a focus on personal preferences rather than traditional consumption patterns based on age or gender, necessitating adaptive strategies from businesses [3]