Group 1 - FSMOne's assistant manager predicts that the impact of the trade war is manageable under macro policy responses, allowing the Chinese stock market to better withstand tariff shocks [1] - The target for the Hang Seng Index in 2025 is projected to be 24,500 points based on an 11x price-to-earnings ratio, while the MSCI China Index is expected to reach 69 based on a 10x target P/E ratio [1] - The demand and spending for cloud computing and data centers are expected to rise across various industries, driven by the surge in Chinese tech and AI stocks, leading to sustained profit growth for related companies [1] Group 2 - The U.S. inflation rate may return to a high level of around 4%, with price increases from tariffs expected to reflect in the third or fourth quarter of this year [2] - There is upward pressure on long-term bond yields, and investors are advised to consider ultra-short-term U.S. Treasury bonds or high-quality short to medium-term corporate bonds [2] - Preference is given to investment-grade bonds or companies that are more defensive under the tariff war, while caution is advised regarding cyclical industries and those heavily impacted by trade or geopolitical issues [2]