1. Report Industry Investment Ratings No industry investment ratings are provided in the given report. 2. Core Views of the Report - The overall market shows a mixed trend, with different sectors having their own characteristics and influencing factors. Some sectors are affected by supply - demand relationships, while others are influenced by macro - economic policies, geopolitical factors, and cost - related elements [5][9][11]. - In the financial derivatives market, the stock index futures market is expected to rebound, but the performance is differentiated. The bond market lacks driving forces and is expected to be volatile in the short term [18][21][22]. - In the agricultural products market, most varieties are in a state of supply - demand balance or slight imbalance, with prices showing different trends such as oscillation, strength, or weakness [24][27][31]. - In the black metal market, steel prices are oscillating within a range, and the double - coking market is paying attention to the switching of trading logic. Iron ore is considered from a bearish perspective, and ferroalloys are oscillating at the bottom [57][59][62]. - In the non - ferrous metal market, precious metals are oscillating and waiting for data guidance. Copper prices are supported by the expectation of US interest rate cuts. Other non - ferrous metals also have their own price trends based on supply - demand and cost factors [67][71][79]. 3. Summary by Relevant Catalogs Financial Derivatives Stock Index Futures - Market is expected to rebound, with the strength depending on large - scale technology companies. The performance of different contracts is differentiated, and the trading volume and positions of most contracts have decreased [18][19][20]. - Trading strategies include going long on dips, conducting IM/IC long 2512 + short ETF cash - and - carry arbitrage, and using bull spreads [21]. Bond Futures - The bond market lacks driving forces and is expected to be volatile in the short term. The trading volume of treasury bond futures has increased slightly, and the yield of spot bonds has fluctuated slightly [22][23]. - Trading strategies include going long on dips with a small position in the T contract and being cautious about chasing up, and paying attention to the potential cash - and - carry arbitrage opportunities of the TF contract [23]. Agricultural Products Protein Meal - Supply still has pressure, and prices are oscillating. The international soybean market has a pattern of abundant production, and the domestic supply pressure is relatively large [24][26]. - Trading strategies include short - selling a small amount of far - month rapeseed meal contracts, waiting and seeing for arbitrage, and using the strategy of selling wide - straddle options [27]. Sugar - International sugar prices have risen slightly, and domestic sugar prices are slightly stronger. The global main producing areas are increasing production, but the production in Brazil and India may be lower than expected. The domestic market is affected by factors such as imports and production costs [27][30]. - Trading strategies include going long on dips in the short term, conducting long January and short May arbitrage, and selling put options at low levels [30][31]. Oilseeds and Oils - The market continues to oscillate. The palm oil market has a high inventory and weak exports, but the production is expected to decrease in the future. The soybean oil market follows the overall trend, and the rapeseed oil market is expected to continue to destock [31][34]. - Trading strategies include short - term long - short operations and waiting and seeing for arbitrage and options [34][35]. Corn/Corn Starch - Spot prices are strong, and the futures market is oscillating at a high level. The US corn market is affected by factors such as supply and demand, and the domestic corn market is affected by factors such as production areas and price differentials [35][37]. - Trading strategies include short - term long - short operations, conducting cash - and - carry arbitrage on the spread between January corn and starch, and waiting and seeing for options [38]. Live Pigs - The pressure of live pig slaughter continues to increase, and prices continue to decline. The overall inventory of live pigs is relatively high, and the supply pressure still exists [38][39]. - Trading strategies include waiting and seeing, and using the strategy of selling wide - straddle options [41]. Peanuts - Peanut spot prices are stable, and the short - term market is oscillating at the bottom. The price of imported peanuts is stable, and the price of peanut meal is stable. The oil mill has adjusted the purchase price [41][43]. - Trading strategies include short - selling January peanuts on rallies, waiting and seeing for May peanuts, conducting reverse arbitrage on January - May peanuts, and selling pk601 - P - 7600 options [43]. Eggs - Demand is average, and egg prices are stable with a slight decline. The inventory of laying hens is relatively high, and the supply pressure is gradually easing. The price is expected to oscillate within a range [45][48]. - Trading strategies include going long on the January contract on dips, waiting and seeing for arbitrage, and waiting and seeing for options [49]. Apples - Demand is average, and apple prices are mainly stable. The cold - storage inventory of apples is increasing, and the sales in the consumer market are in the off - season. The market is affected by factors such as imports and exports [50][53]. - Trading strategies include waiting and seeing for single - side trading, arbitrage, and options [53]. Cotton - Cotton Yarn - The fundamental contradiction is not significant, and cotton prices are mainly oscillating. The supply of new cotton is increasing, and the demand is in the off - season. The price is expected to oscillate in the short term [54][56]. - Trading strategies include waiting and seeing for single - side trading, arbitrage, and options [56]. Black Metals Steel - Steel prices are oscillating within a range, and there is still room for reducing hot metal. The supply - demand relationship of steel is improving, and the cost is supported. The hot - rolled coil performs better than the rebar [57][58]. - Trading strategies include maintaining an oscillating and slightly strong trend, conducting long - spread trading on the spread between hot - rolled coil and rebar, and waiting and seeing for options [59]. Double - Coking - The risk of price decline has been released, and attention should be paid to the switching of trading logic. The coking coal market is affected by factors such as supply - demand and policy, and the price is expected to oscillate in the short term [59][61]. - Trading strategies include gradually closing short positions, going long on dips after the market stabilizes, conducting reverse arbitrage on January/May coking coal, and waiting and seeing for options [61][62]. Iron Ore - A bearish approach is recommended. The supply of iron ore is relatively loose in the fourth quarter, and the demand for domestic terminal steel is expected to remain low. The price is expected to be weak at a high level [62][63]. - Trading strategies include short - side trading, waiting and seeing for arbitrage, and waiting and seeing for options [64]. Ferroalloys - Ferroalloys are oscillating at the bottom under the trend of production reduction. The supply and demand of silicon - iron and manganese - silicon are both decreasing, and the cost is supported. The price is expected to oscillate at the bottom [64][65]. - Trading strategies include waiting and seeing for single - side trading, arbitrage, and using the strategy of selling out - of - the - money straddle option combinations [66]. Non - Ferrous Metals Precious Metals - Precious metals are oscillating and waiting for data guidance. The expectation of US interest rate cuts has increased, and the prices of gold and silver have risen slightly. The market is waiting for economic data to provide more clear directions [67][68][69]. - Trading strategies include holding long positions cautiously based on the 20 - day moving average, waiting and seeing for arbitrage, and waiting and seeing for options [70]. Copper - Copper prices are supported by the expectation of US interest rate cuts. The supply of copper is expected to decrease, and the demand is improving. The price is expected to oscillate at a high level [71][73]. - Trading strategies include holding long positions below 86,000 yuan/ton in the short term, maintaining a long - term bullish trend, and waiting and seeing for arbitrage and options [74]. Alumina - Substantial production reduction has not been realized, and attention should be paid to the transfer of warehouse receipts. The supply of alumina is relatively stable, and the market is affected by factors such as long - term contracts and new production capacity [75][77]. - Trading strategies include waiting and seeing for single - side trading and arbitrage [78]. Electrolytic Aluminum - The expectation of US interest rate cuts is strengthening, and the price of Shanghai aluminum is stabilizing and rebounding. The supply - demand relationship of aluminum is relatively balanced, and the cost is supported. The price is expected to be strong in the medium term [79][80]. - Trading strategies include going long on dips in the short term, paying attention to the narrowing of the price difference between East China and Central China in the spot market, and waiting and seeing for options [80]. Cast Aluminum Alloy - The macro - expectation has improved, and the price of aluminum alloy has rebounded with the price of aluminum. The cost of raw materials has decreased, and the supply is tight. The price has certain support [81][84]. - Trading strategies include waiting and seeing for single - side trading, arbitrage, and options [84]. Zinc - Zinc prices are oscillating widely. The processing fee of zinc concentrate is decreasing, and the supply of refined zinc is expected to be lower than expected. The demand is in the off - season. The price is expected to be supported in the short term [84][86]. - Trading strategies include going long on dips with a small position, waiting and seeing for arbitrage, and waiting and seeing for options [87]. Lead - Lead prices are oscillating weakly within a range. The supply of lead ingots is increasing, and the demand for lead - acid batteries is decreasing. The price is expected to be weak [90][91]. - Trading strategies include waiting and seeing for single - side trading, arbitrage, and options [91]. Nickel - Production reduction stimulates the rebound of nickel prices, but inventory suppresses the upward space. The supply of nickel is affected by factors such as production reduction in Indonesia, and the demand is in the off - season. The price is expected to be volatile [91][94]. - Trading strategies include waiting and seeing for single - side trading, arbitrage, and options [94]. Stainless Steel - The supply and demand are both weak, and the price rebounds following the raw materials. The terminal demand is in the off - season, and the cost is decreasing. The price is expected to be weak [95][99]. - Trading strategies include short - term rebound trading, waiting and seeing for arbitrage, and selling out - of - the - money call options [98]. Industrial Silicon - Short - term buying on dips is recommended. The supply of industrial silicon is expected to decrease in the dry season, and the demand is relatively stable. The price is expected to be strong [100][101]. - Trading strategies include holding existing long positions and buying on dips [101]. Polysilicon - Attention should be paid to the establishment of platform companies. The market is affected by factors such as policy and demand. The price is expected to be volatile [100][102]. - Trading strategies include short - side trading and waiting and seeing for arbitrage [103].

来源：徐戈 个人倾向于12月美联储继续降息，50bp概率较小，但也不是不敢想象。 这意味着，不管是加密，美股还是A股，磨一磨都会有反弹。 管控市场预期是美联储的传统艺能。 11月21日，永久票委纽约联储主席威廉姆斯放鸽暗示12月进一步降息后概率回升至70%附近。 不过老徐认为11月20日披露的9月失业率4.4%超预期是更关键的一个因素。 在11月利率决议发布那会儿，市场预计12月美联储继续降息的概率高达90%。 但欢乐的氛围并没有持续多久，多位美联储官员粉墨登场释放鹰派信号，费城联储主席保尔森表示"降息已到危险边缘"，芝加哥联储主席古尔斯比称"宁 可投反对票，也绝不同意继续降息"，克利夫兰联储主席哈玛克也认为当前金融环境"已太宽松"。致使polymarket降息25bp概率一度跌至30%。 当然，只有古尔比斯是2025年的票尾，其他两个完全是调戏市场的客串演员。 比特币的话，看看回不回踩82000，磨一磨，如果美联储持续放鸽，那么在12月11日降息落地之前大概率会有一波比较像样的反弹，很可能重上10w。 虽然，9月季调非农和当周申请失业人数利空，但当前美联储更在意的是就业率，哪怕通胀也要往后捎一捎。 个人倾向 ...

2025年11月11日，备受全球金融界瞩目的Wiki Finance EXPO Dubai 2025在迪拜千禧广场市中心酒店盛 大开幕。本次博览会由WikiGlobal与WikiEXPO联合主办，汇聚了来自全球的3000余名行业参与者、超 过70家展商及50多位顶尖行业专家，共同探讨金融科技、外汇、加密货币、Web3.0、人工智能及金融 监管科技等前沿议题。在这场高规格的国际金融盛事中，金牌分析师与资深培训专家王锡环女士作为特 邀嘉宾出席，其深厚的行业积淀与独到的投资见解成为会场关注的焦点之一。 履历跨越东西半球，实战经验淬炼真知 技术分析与双轨策略并重，倡导稳健增值理念 在本次博览会关于金融科技与交易策略的讨论中，王锡环女士的核心方法论得到了充分展现。她是一位 坚定的技术分析实战派，善于将深厚的理论学识与丰富的市场经验相融合，构建了一套专注于外汇、股 票及黄金市场的技术交易体系。 其投资理念的一大亮点在于"双轨交易策略"的娴熟运用。她同时精通短线高频交易与中长期趋势交易， 这种灵活性使其能够游刃有余地应对不同级别的市场波动，捕捉多元化的盈利机会。无论是瞬息万变的 市场短线机会，还是宏观趋势下的中长期布局，她 ...

Summary of Key Points from the Conference Call Industry or Company Involved - The discussion primarily revolves around global asset allocation, focusing on the stock and gold markets, particularly in the context of China and the United States. Core Insights and Arguments 1. **Global Market Trends**: The global stock and gold markets are benefiting from a technological revolution, with growth stocks outperforming value stocks. Chinese stocks are performing better than U.S. stocks. Recommendations include overweighting gold and Chinese tech stocks while underweighting commodities and U.S. dollar assets, a strategy that has been validated by market prices [1][2][28]. 2. **Current Market Conditions**: U.S., A-share, and Hong Kong stocks are in a bull market, with A-share and Hong Kong stocks nearing historical medians. The U.S. stock market and gold have had prolonged bull markets but still have room for growth. The key to determining the peak of Chinese stocks lies in economic policies, liquidity, and earnings valuations [1][6][18]. 3. **Investment Concerns for 2026**: Two main concerns for 2026 are whether the bull markets in stocks and gold can continue and what measures to take if market conditions change. Recent pullbacks in Chinese, U.S. stocks, and gold indicate that the market is contemplating potential changes in future trends [3][4]. 4. **Valuation Analysis**: Current valuations show that gold, U.S. stocks, and Chinese bonds are relatively high, while U.S. bonds and commodities are undervalued. A-shares and Hong Kong stocks are at moderate valuations. The geopolitical events can impact markets, typically negatively affecting stocks while boosting gold and commodities [4][22][23]. 5. **Asset Class Switching Patterns**: Historical data indicates that U.S. stocks have a longer bull market duration (84% of the time) compared to the more volatile Chinese stocks. The switching patterns of different asset classes require careful monitoring of market peaks [5][6]. 6. **Top Prediction Challenges**: Predicting market tops is complicated by various bullish narratives and the difficulty of timely decision-making even when correct signals are received. The need for a multi-dimensional approach to analyze market signals is emphasized [10][11][12]. 7. **Impact of U.S. Federal Reserve Policies**: The Fed's monetary policy is crucial for asset prices. Current loose policies support asset prices, but potential tightening could pressure both stocks and gold. The Fed's personnel changes may lead to a more dovish stance in the long term [20][21]. 8. **China's Economic Policy Influence**: China's incremental policies must meet expectations to avoid negative impacts on macro liquidity. The government is committed to stabilizing growth, which is expected to support the economy and maintain stable M1 and M2 growth rates [21][24]. 9. **Geopolitical Events**: Recent geopolitical events, such as trade wars, have significantly influenced market trends, generally negatively impacting stocks while benefiting gold and commodities [23]. 10. **Valuation Concerns**: High valuations in gold and U.S. stocks increase the risk of market corrections. However, there is no clear evidence that these factors will reverse the current bull market trends, suggesting a continued overweight in Chinese stocks and gold [25][28]. Other Important but Possibly Overlooked Content 1. **Commodity Allocation Strategy**: Increasing commodity allocations is recommended to hedge against potential changes in stock and gold bull markets. Commodities are currently undervalued and could benefit from various scenarios, including better-than-expected economic performance or geopolitical shocks [26][29]. 2. **Specific Asset Class Recommendations**: - **Chinese Stocks**: Maintain an overweight position with a more balanced style, anticipating value and cyclical sectors to catch up. - **Chinese Bonds**: Downgrade from standard to underweight due to better opportunities in other assets. - **U.S. Stocks**: Maintain a standard allocation, given the high valuations and better performance of non-dollar assets. - **Gold**: Continue to overweight but be cautious of volatility, suggesting a strategy of buying on dips rather than chasing prices [27][29].

Core Viewpoint - The article highlights a significant divergence in the behavior of retail investors in the U.S., with a strong preference for buying stocks while simultaneously selling off cryptocurrencies, particularly Bitcoin and Ethereum ETFs, indicating a shift in market sentiment and capital flow [1][3][6]. Group 1: Retail Investor Behavior - Retail investors are actively buying stock ETFs, with a net inflow of approximately $96 billion by November 18, suggesting a bullish sentiment towards equities [1][3]. - In contrast, retail investors sold around $4 billion worth of Bitcoin and Ethereum ETFs in November, marking a record monthly sell-off [3][6]. - The preference for stocks over cryptocurrencies is evident, as retail investors have consistently sold crypto ETFs while buying stocks in recent months [6][11]. Group 2: Bitcoin Market Dynamics - Bitcoin's price has fallen below the estimated production cost of approximately $94,000 for the first time since July 2020, indicating a lack of support from mining costs [3][6]. - The decline in Bitcoin's price is attributed to non-native investors, particularly retail investors selling off their holdings after a period of deleveraging in the crypto market [3][6]. Group 3: MicroStrategy's Position - MicroStrategy, a company heavily invested in Bitcoin, has seen its stock underperform relative to Bitcoin, with a significant narrowing of its valuation premium [6][9]. - A critical decision by MSCI on January 15, 2024, regarding the potential removal of MicroStrategy from its indices could trigger substantial passive selling, estimated at around $2.8 billion, with total potential outflows reaching $8.8 billion if other index providers follow suit [8][9][11]. - The market is sensitive to the MSCI decision, as removal could impact MicroStrategy's liquidity and increase future financing costs, further eroding its valuation premium [11].

Core Insights - The transition from "stocks rise, bonds fall" to "stocks fall, bonds do not rise" reflects the disparity in asset trends, indicating a lack of strong bullish drivers in the bond market while the equity market focuses on restoring investor confidence [1][3][11] - The bond market has seen a rebound from low levels, but the momentum for further increases is weak due to limited expectations for monetary policy easing and a generally low investor sentiment after a year of significant volatility [1][3][14] - The equity market, despite the Shanghai Composite Index reaching new highs, lacks strong trading logic to support its rise, leading to pressure from high absolute index levels and recent volatility in overseas markets [1][3][14] Understanding U.S. Rate Cut Expectations - The Federal Reserve faces a dilemma between employment and inflation, with mixed signals from the labor market suggesting that a significant recession is not imminent, which may not justify a rate cut in December [2][15][16] - The absence of key labor data due to government shutdowns means the Fed may adopt a cautious stance, waiting for clearer signals before making decisions on rate cuts [2][18][22] - The fluctuation in rate cut expectations has impacted global asset pricing, with the potential for volatility in the rate cut timeline, although the overall direction towards easing remains unchanged [2][22] Bond Market Dynamics - The bond market currently lacks a clear bullish trading narrative, making it susceptible to profit-taking after minor gains, with the potential for a breakout dependent on consistent bullish signals from policy or market trends [3][26] - Investor sentiment in the equity market is low due to ongoing declines, emphasizing the need to restore confidence to avoid a downward spiral in market perceptions [3][26]

Core Viewpoint - Japan's stock prices, yen exchange rate, and government bonds have all seen significant declines, attributed to the economic policies of Prime Minister Kishi Sanae, leading to market disappointment and concerns over fiscal sustainability [1][2][5] Group 1: Market Performance - The Nikkei average fell below 50,000 points on November 18 and dropped to around 48,000 points by November 21 [1] - The yen depreciated over 6% following Kishi Sanae's appointment, reaching an exchange rate of 157 yen per dollar by November 21 [1] - Long-term government bond yields exceeded 1.83% on November 20, with trading prices hitting levels not seen in 17 years [1] Group 2: Economic Policy Analysis - Initial optimism around Kishi Sanae's economic policies, dubbed "Sanae Economics," has waned as the current economic conditions differ significantly from those in 2013 [2] - Japan's national debt exceeds twice its GDP, limiting the government's ability to implement aggressive fiscal and monetary policies [2] - The government's recent economic measures, including a supplementary budget of 21.3 trillion yen, have raised concerns about fiscal discipline and sustainability [3][4] Group 3: Fiscal Challenges - The supplementary budget's size reflects Kishi Sanae's commitment to active fiscal policies, but critics argue it fails to address rising prices effectively [4] - The focus on crisis management investments, which constitute one-third of the supplementary budget, may exacerbate fiscal issues rather than resolve them [4][5] - The lack of fiscal discipline could lead to increased government debt and further depreciation of the yen, compounding inflationary pressures [5] Group 4: Monetary Policy Outlook - Market pressures have prompted Kishi Sanae to indicate a willingness to allow the Bank of Japan to raise interest rates, with expectations for a decision as early as December [5] - Persistent domestic inflation is a key reason for potential interest rate hikes, which may help stabilize the yen [5] - However, the effectiveness of monetary policy is contingent on a shift away from the current aggressive fiscal strategies [5]

Core Insights - The report emphasizes the rise of artificial intelligence and the anticipated interest rate cuts by the Federal Reserve as key investment opportunities for Q4 2025 [1][2] - It outlines four primary investment strategies and multi-asset allocation recommendations for global investors [1] Investment Strategies - Focus on high-quality bonds to lock in current yields, favoring U.S. investment-grade bonds with a duration extension to 7-10 years to capture the benefits of rate cuts [1][20] - Capture opportunities across the entire artificial intelligence ecosystem, including chips, software, cloud services, and infrastructure, while also considering themes like robotics and aerospace security [1][20] - Diversify risks through alternative investments, multi-asset strategies, and volatility strategies, including allocations to gold, hedge funds, and private credit [1][20] - Leverage structural opportunities in Asia, particularly focusing on China's supply-side reforms and AI innovations, as well as Singapore's high dividend defensive characteristics [1][20] Asset Class Recommendations - In equities, maintain a positive outlook on global markets, particularly favoring the U.S., China, and Singapore, with technology as a core driver [2][21] - In the bond market, favor developed market investment-grade bonds, with an emphasis on active management strategies to navigate volatility [2][21] - In the foreign exchange market, expect a moderate weakening of the U.S. dollar, recommending diversification into euros, Australian dollars, and Singapore dollars [2][21] - In commodities, gold is expected to benefit from monetary easing and a weaker dollar, serving as an important risk diversification tool [2][21] Investment Themes - Five major investment themes are highlighted: Asia's response to the new world order, technological disruption centered on AI, climate action focusing on energy security and circular economy, social evolution capturing trends in health and streaming subscription economies, and capitalizing on profitability and rate cut tailwinds [2][13] - The report indicates that the proportion of companies exceeding earnings expectations is near historical highs, driven by strong performance in the technology sector [2][21] Market Outlook - The overall market outlook for Q4 2025 suggests that opportunities outweigh challenges, with AI and the rate cut cycle expected to drive risk assets higher [2][21] - The report notes that while there are concerns regarding U.S. policy fluctuations and economic data variability, the resilience observed in various economic sectors may offset weaknesses in others [2][21]

Core Viewpoint - Japan's bond market is facing significant turmoil as the government prepares a large-scale economic stimulus plan, raising concerns about fiscal health and leading to a sell-off in government bonds [1][3][6] Group 1: Bond Market Dynamics - The yield on Japan's 10-year government bonds has risen to 1.8%, the highest level since 2008, indicating a significant sell-off in the bond market [1][3] - The 40-year bond yield reached a historical peak of 3.695%, while the 20-year bond yield hit 2.815%, the highest since 1999 [1] - The anticipated issuance of long-term bonds to finance the stimulus plan is seen as a primary driver for the rising yields [3][6] Group 2: Economic Stimulus Plan - The Japanese government is finalizing a stimulus plan exceeding 20 trillion yen (approximately 135 billion USD) to boost the economy [1] - Reports suggest that the supplementary budget could be at least 25 trillion yen (approximately 168 billion USD), raising concerns about the sustainability of Japan's fiscal position [3][6] Group 3: Market Reactions - The Japanese yen has depreciated against the US dollar, falling below 157 yen per dollar, reflecting market anxiety [3] - The Nikkei 225 index has experienced significant declines, erasing most gains since the new Prime Minister's election [3][4] Group 4: Broader Economic Concerns - Japan's GDP contracted by an annualized rate of 1.8% in the third quarter, indicating ongoing economic challenges [4] - Investor sentiment has been further dampened by the cancellation of the primary fiscal balance target and proposed changes to corporate governance rules [5] Group 5: Future Outlook - Analysts warn that the upcoming announcement of the fiscal stimulus plan could trigger further sell-offs in Japanese assets, highlighting the fragility of the current market [6] - Concerns are growing that Japan may face a scenario similar to the UK under Liz Truss, with simultaneous declines in the stock market, bond market, and currency [6]

Group 1 - Morgan Asset Management's report projects a 6.4% annual return for a 60/40 stock-bond portfolio over the next 10 to 15 years, indicating continued attractiveness despite strong market performance [1] - The report highlights that U.S. large-cap stocks are expected to yield a return of 6.7%, remaining stable compared to the previous year [1] - The firm believes that the adoption of AI will enhance corporate profits in the short term and contribute to productivity improvements in the long run [1] Group 2 - The inclusion of alternative assets in investment portfolios is expected to improve potential returns and reduce volatility, with a "60/40+" portfolio potentially achieving a 6.9% return and a 25% higher Sharpe ratio compared to traditional allocations [2] - Global stock returns are projected at 7%, with non-U.S. markets offering more attractive cyclical opportunities, benefiting from currency appreciation [2] - Asian stocks (excluding Japan) are expected to yield a return of 7.9%, while Japanese stocks, supported by ongoing corporate governance reforms, are projected to return 8.8% [2] Group 3 - U.S. core real estate is forecasted to have an 8.2% return, benefiting from attractive entry points and rising yields [2] - Core real estate in the Asia-Pacific region is expected to yield an 8.4% return, aided by a weakening U.S. dollar [2]