Group 1 - The report highlights that the ability of US debt entities to leverage has significantly weakened, with deteriorating government leverage capacity and rising corporate and household leverage rates that are difficult to sustain [2][8] - It notes that the expansion capacity of US demand and credit is deteriorating, making it challenging for non-US economies to experience significant demand and credit expansion [2][8] - The report suggests that the deterioration of dollar debt expansion capacity may drive a long-term decline in major global high ROE industries [2][8] Group 2 - The report indicates that the recent rise in overseas commodities and technology stocks is essentially a risk-averse behavior of global financial capital in response to dollar debt issues [2][8] - It states that the deterioration of dollar credit implies chaos in global production, demand, and credit order, leading major global asset classes to gradually enter supply pricing, which may provide valuation premiums for production and non-US credit expansion capabilities [2][8] - The Chinese market is expected to be a slow and steady bull market in the long term, but it will experience significant volatility in the medium term due to the influence of the US [2][8] Group 3 - The report anticipates a style switch in the Chinese market within the next quarter, with assets driven by Chinese pricing expected to enter a long bull market, while US-priced assets may gradually become marginalized [2][8] - It expresses a long-term positive outlook on insurance, central state-owned enterprises, anti-involution, and Chinese internet companies [2][8] - In the short term, the report favors sectors such as space AI and domestic computing power [2][8] Group 4 - The report discusses the performance of the US PCE inflation, indicating a moderate inflation rate of 2.8% year-on-year for both PCE and core PCE in November 2025, aligning with market expectations [7][11] - It highlights that actual consumption expenditure in the US for November 2025 also showed a year-on-year growth of 2.6%, with core PCE consumption expenditure at the same rate [7][13] - The report notes a weakening in durable goods consumption, while dining and accommodation services showed resilience [7][13]