HTSC believes that, in the current low macro visibility and uncertain environment, it is advisable to grasp the certainty provided by valuation. In the super long term perspective, the impact of valuation on investment returns may be relatively limited, but it is a key variable in short to medium-term asset price changes. For different assets, the level of valuation is different from the relationship between future earnings and yield volatility, also determining the need to apply different strategies to these assets. It is recommended to focus on the safety margin provided by valuation-related odds indicators, grasp the valuation-for-price ratio. In terms of asset allocation strategy, it is recommended to layout along the direction of performance improvement, policy bullishness, and low valuation high odds of relative certainty, such as the traditional economic sectors of US stocks benefiting from interest rate cuts and tax reductions, domestic demand and self-controllable assets hedged by domestic policies, as well as the Hong Kong stocks with significantly reduced valuation, and seize the trading opportunities of extreme price interpretations postulated by assets like treasury bonds, gold, copper, etc.