Morgan Stanley's research report states that the indicative plan of President-elect Trump to increase tariffs and reduce taxes in the United States may raise inflation, slow down the pace of interest rate cuts, imply a stronger U.S. dollar, and put pressure on emerging market stocks. The firm mentioned that a key principle of Trump's campaign is to increase tariffs. Although the relevant information has been adequately conveyed, with the widespread existence of uncertainties, adverse factors that may sweep across Asia or exacerbate volatility are possible. Morgan Stanley stated that the Chinese government has outlined support for economic growth at 5% and addressing real estate market issues to boost domestic consumer confidence. The firm also expressed anticipation for positive messages from the National People's Congress Standing Committee meeting, believing that enterprises purely operating in mainland China should be favored, with Yum China as the top choice. As for Chinese electric vehicle manufacturers, Xpeng is the preferred option. Due to the increasing market uncertainties, energy transition and battery supply chains may face multiple combined pressures. In terms of Chinese commodities, the decline in oil prices should prompt investors to pay attention to the firm's "underperform the market" rating on PetroChina. Conversely, China's domestic stimulus policies will support Conch Cement. The future trade policies of the United States are expected to raise tariffs on Asian imported products, while attention may be given to the issue of manufacturing reshoring. Taiwan Semiconductor and Xiaomi remain the top choices in the technology sector for the firm.