According to the CICC report, safe assets such as gold and high-dividend stocks will perform well in H1 2024. In the second half of the year, we expect three forces to affect the market trend, and asset allocation needs to be patient and safe assets may not be exhausted: structural forces affect Chinese assets; cyclical forces affect overseas assets; and geopolitical forces affect global assets. Under the influence of these three forces, safe assets will still have an overall advantage in the second half of the year, but internal differentiation will increase, and some safe assets may not be safe. Our asset allocation suggestions for the second half of the year are as follows: Overweight Chinese high-dividend, gold, and US Treasury bonds, standard allocation of domestic and foreign stocks, and domestic bonds, low allocation of commodities.