Zhang Yidong: The core driving force of long-term reassessment in China's capital market comes from internal reform.

Mr. Zhang Yidong, Chief Global Strategy Analyst at CICC, stated that due to the impact of trade frictions and economic recession risks, the US stock market may experience a typical "bear market" with rapid adjustment in the short term by 2025. He pointed out that the current sharp fluctuations in the US stock, bond, and currency markets have prompted a loosening of policy attitudes, but the substantial impact of trade frictions has not yet fully manifested. In the third quarter, US inflation pressure and economic recession risks may resonate, forcing the US to return to negotiations. Mr. Zhang emphasized that in the reconstruction of the global new order, China is becoming an important stabilizing force in a multipolar world through the construction of a dual-cycle economy and the promotion of an inclusive international system. Despite short-term external disruptions, the core momentum of the long-term revaluation in the Chinese capital market still stems from internal reform. Chinese assets have strategic allocation value in the evolution of the global landscape.