HSBC Global Private Banking expects the Federal Reserve to begin an interest rate cut cycle in September, cutting interest rates by a quarter point, and cutting interest rates three times next year, each time by a quarter point. The bank believes that bond yields have peaked, so continuing to hold cash is not attractive. In the next 6 months, the bank will focus on global stocks, especially US technology stocks, Asian stocks such as Japan, India, and South Korea, US Treasuries, and global investment grade bonds. With regard to AH stocks, the bank maintains a neutral view and maintains its forecast target for the Hang Seng Index at the end of this year at 19230 points. Vincent Fan, the chief investment officer for HSBC Global Private Banking and Wealth Management in Asia, said that the 5 measures proposed by the China Securities Regulatory Commission for Hong Kong will help the liquidity of Hong Kong stocks. However, she also said that overseas investors are still cautious about holding Hong Kong stocks and are still waiting for the improvement of the basic fundamentals of Hong Kong stocks, including more policy and profit improvements.