Core Viewpoint - The traditional fiat currency system, represented by the US dollar, is experiencing credit erosion, leading to a depreciation trend of assets outside of fiat currencies, with strategic assets like energy and precious metals gaining market favor [1] Group 1 - Morgan Stanley's Chief Economist for China, Xing Ziqiang, highlighted the increasing market preference for strategic assets and certain non-traditional fiat currency assets [1] - The attractiveness of RMB assets is noted, as they can be viewed as an asset outside the traditional fiat currency system led by the US, depending on their yield to attract long-term investment [1]

Core Viewpoint - The fiat currency system, represented by the US dollar, is experiencing credit erosion, leading to a depreciation trend for assets outside of fiat currencies, with strategic assets like energy and precious metals gaining market favor [2][5]. Group 1: Dollar Outlook - The US is currently using high growth and high inflation to lower real interest rates as a means to resolve debt, similar to post-World War II strategies [2][5]. - The dollar is expected to depreciate by nearly 10% by 2025, with the depreciation trend likely to continue into 2026 [2][5]. - Other developed economies, such as those in Europe, are also facing high debt and deficit issues, and are lagging behind the US in the AI revolution, resulting in relative currency fluctuations among developed nations [2][5]. Group 2: Asset Allocation Trends - The foundation of the fiat currency system is diminishing due to many global economies adopting inward-looking policies, leading to increased interest in strategic assets outside of fiat currencies [3][6]. - Strategic assets, particularly energy and precious metals, are showing a clearer appreciation trend compared to the fiat currency system represented by the US dollar [3][6]. - Chinese yuan assets can be viewed as an alternative to traditional fiat currencies, with the key factor being whether their yields can attract long-term investment [3][6]. Group 3: Industry Outlook - The high-tech sector is identified as a structural opportunity in the current environment, with fields such as artificial intelligence, biopharmaceuticals, and humanoid robotics being highlighted for their strong innovation momentum [3][6].