Core Viewpoint - The article emphasizes the importance of macroeconomic research and its continuous evolution, highlighting the team's commitment to providing valuable independent research outcomes for 2025 and beyond [8][10]. Group 1: Macro Investment - The article outlines ten essential readings for macro investment, tracking major asset performances and changes in gold, RMB/USD exchange rates, and bond yields since the beginning of the year [8]. Group 2: Domestic Economy - Six key judgments regarding the domestic economy have been made, addressing issues such as tariff impacts, policy framework shifts, and new economic drivers, which differ from mainstream market expectations [8]. Group 3: 2025 Outlook - The team is focused on continuous improvement and adaptation in research methodologies, aiming to provide insights that are both practical and grounded in reality, with 2025 being a pivotal year for research upgrades [8]. Group 4: Classic Review - A discussion on Trump's "big cycle" and the re-evaluation of the dollar exchange rate is presented, analyzing global trade imbalances and the U.S. twin deficits, offering a comprehensive framework for understanding future trade conflicts and fiscal adjustments [10]. Group 5: Excess Savings - The report notes that excess savings among residents have surpassed 10 trillion, raising questions about who is contributing to this increase and how these savings might be released in the future [12]. Group 6: Interest Rate Trends - The article explores the implications of a potential interest rate cut by the Federal Reserve, analyzing historical patterns of long-term U.S. Treasury yields and the factors influencing these trends [16]. Group 7: High-Frequency Tracking - Following the Fed's September meeting, global stock indices have generally continued to rise, indicating market reactions to monetary policy changes [18]. Group 8: Conference Insights - The article mentions various conference series that delve into topics such as the reversal of "rate cut trades" and new changes in economic dynamics, reflecting ongoing discussions in the macroeconomic landscape [22][24].