Hong Hao, chief economist of Sirui Group, believes that in 2025, the logic of long-term rising gold prices remains intact. Geopolitical turmoil has created a demand for safe havens, and the trend of central banks purchasing gold continues as the credibility of the US dollar weakens. Short-term risk factors to consider include concerns over inflation resurging due to Trump’s policies, the Federal Reserve's expectations for rate cuts converging, and Trump allies suggesting selling gold to buy Bitcoin, among others. In the stock and bond markets, based on expectations of a soft economic landing and improved liquidity outlook, the US stock market still has strong attractiveness, particularly focusing on AI Technology stocks. In the CSI Commodity Equity Index, there is an optimistic attitude towards Precious Metals such as Gold and Silver, while also being Bullish on Bitcoin, which is an important component of Global diversified asset allocation. (China Fund Report)