Group 1: Overseas Economic Outlook - The US economy is expected to show strong growth in Q1 2026, driven by fiscal and monetary policies, with a projected GDP growth rate of 2.2% in Q1 2026[1] - Inflation is anticipated to peak in the first half of 2026, with the annual CPI growth rate centered around 3.1%[1] - The Federal Reserve may implement 2 to 3 rate cuts in 2026, with a faster pace expected after May[1] Group 2: China Economic Outlook - China aims for a GDP growth target of 5% in 2026, supported by a fiscal deficit rate of 4% and special government bonds of approximately 1.5 trillion yuan[2] - Monetary policy is expected to include 2 rate cuts totaling about 100 basis points, with a CPI growth rate forecasted to rise to 0.7%[2] - Infrastructure investment is projected to increase, with significant projects expected to boost overall construction growth[2] Group 3: Geopolitical Environment - The international order is undergoing restructuring, with the US and China seeking strategic stability amid heightened competition[3] - The upcoming US midterm elections may lead to increased tensions, but multiple meetings between US and Chinese leaders could foster stability[3] Group 4: Asset Allocation - The US dollar index is expected to show a high-low trend, while A-shares are likely to maintain a slow bull market[4] - Gold and copper are viewed as having strategic value, with copper prices expected to rise due to supply constraints and increased demand from energy transitions[4] - The bond market may present trading opportunities, while the RMB is expected to appreciate steadily[4]