On December 23, Glonghui | China Merchants International published Research Reports, providing forecasts for the US and Hong Kong stock markets. For the first quarter of next year, the top choices are Amazon, DoorDash, Netflix, Meituan, Tencent, Tencent Music, 3SBIO, REMEGEN, Aileron, Thermo Fisher, Giant Bio, Anta, Xtep, YUM CHINA, Geely, BYD, Xiaopeng, TAL Education, and Duolingo. Regarding the US stock market, China Merchants mentioned that despite the significant rise in US Technology stocks, profit growth is also rapid, and valuations have not reached bubble levels. Since AI-related Technology stocks are concentrated in the US market, it is deemed scarce, therefore a 'cautious recommendation' rating is given for US stocks. In the Hong Kong stock market, the firm expects that the market's reaction to Trump 2.0 will be more rational than in the 1.0 era, as discussions and preparations regarding US-China conflicts are more thorough than before, and the Chinese government has clarified its supportive attitude towards the real economy and markets. Although the effects of policy stimuli remain to be verified, H share valuations are lower than A shares, and the new low in mainland government bond yields also provides motivation for funds seeking higher return symbols in the southward movement, thus a 'cautious recommendation' rating is given for H shares. At the Industry level, China Merchants is bullish on US Technology companies with strong performance growth; innovative pharmaceutical companies in the US; leading Internet Plus-Related companies with resilient businesses, cost reduction, efficiency enhancement, healthy profit growth, and stable shareholder returns; automotive companies evolving into deeper technological and cost competition for electrification and advanced intelligent driving; and the leading companies in the Education industry providing a second growth curve through AI + Education.