Group 1 - Global capital markets are experiencing a new upward trend, with A-shares and Hong Kong stocks showing strong performance as investor risk appetite increases [1] - The core catalyst for this trend is the rising expectation of a Federal Reserve rate cut, driven by political pressure from Trump on Powell [1] - Historical data suggests that once a rate cut occurs, both equity assets and gold will benefit from increased liquidity, although short-term pullback risks for gold should be monitored [1] Group 2 - A-shares have broken through the 3500-point mark, with potential to challenge the previous high of 3700 points, while Hong Kong's Hang Seng Index approaches the 25000-point level [2] - The market is witnessing a rotation in sectors, with humanoid robots, Nvidia's supply chain, innovative pharmaceuticals, and brokerage stocks showing strong performance [2] - Consumer sectors, particularly traditional brands like liquor, are seeing adjustments that may present buying opportunities, while new consumption stocks are showing signs of overvaluation [2]