Core Viewpoint - The global economy demonstrates resilience despite tariff disruptions, with China's market benefiting from net exports and a shift in household savings, presenting investment opportunities [1][3]. Economic Outlook - The global GDP growth rate for 2025 is expected to exceed earlier predictions due to demand-driven factors like inventory replenishment and export competition, although a slowdown is anticipated in 2026 [1][3]. - Fiscal policies and labor market resilience are crucial for sustaining economic stability, with major economies increasing counter-cyclical measures [3][4]. Trade Dynamics - Recent U.S.-China trade developments, including the cancellation of certain tariffs, provide temporary relief, while the global supply chain is undergoing a restructuring towards high-value industries returning to the U.S. and low-value production moving to emerging markets [4][6]. Investment Trends - There is a notable trend of Chinese household savings shifting towards equity-like assets, with a reported increase of 73.7 trillion yuan in deposits from December 2019 to September 2025, reflecting a 55% growth [6][7]. - The Chinese technology sector, particularly in AI, chips, and automation, is highlighted as globally scarce and a key investment focus, emphasizing the importance of long-term commercial viability over short-term valuation [6][7]. Fixed Income Market - The global investment-grade bond market is experiencing significant inflows, with a historical net inflow recorded in August 2025, driven by institutional investors seeking yield [4][6]. - The current yield on global investment-grade bonds has risen to 4%-5%, providing stable returns and risk diversification during stock market volatility [6][7]. Asset Allocation Strategy - A diversified investment strategy across regions, asset classes, and industries is recommended to capitalize on technological advancements and capital rotation while mitigating risks associated with single markets [7]. - The ongoing opening of channels like Shanghai-Hong Kong Stock Connect is expected to accelerate foreign investment in Chinese assets, leveraging China's cost advantages and potential for widespread application [7].