Global risk appetite improves, emerging markets will welcome allocation window.

In the early morning of September 18th Beijing time, the Federal Reserve lowered the federal funds target range by 25 basis points to between 4.00% and 4.25%. According to Federal Reserve Chairman Powell's remarks at the press conference, it is widely believed that this rate cut is a "preventive" measure, indicating that the Federal Reserve will not enter a sustained cycle of rate cuts but is implementing relatively moderate rate cuts as a precaution against potential risks. Based on historical experience, after the start of "preventive" rate cuts, stock assets perform the strongest among various core assets globally, and emerging markets are expected to see a window for allocation.