Fidelity International Investment has stated that looking forward to 2025, global market uncertainty remains. From the perspective of diversified asset allocation, Fidelity continues to be optimistic about the prospects of investing in stocks but focuses on monitoring the trend of corporate profits, as they are an important driver of returns. As for fixed income, influenced by the upcoming Republican administration in the United States and higher inflation expectations, US Treasury bond rates are rising. This reflects that fixed income can bring substantial returns and play a role in risk diversification. However, strategic deployment based on duration is recommended because bond yields will continue to fluctuate due to various factors such as growth, inflation, and policy expectations. In terms of geographical allocation, US stocks have recorded strong gains this year. With expectations of further expansionary fiscal policies, potential corporate tax cuts, and regulatory easing, momentum in US stocks is expected to continue. Strong corporate profit expectations are expected to spread from the technology sector to other industries, narrowing the gap between the two. Considering that the momentum of the US economy is nearing saturation, additional stimulus measures are expected to increase inflation more than economic growth. Economic growth expectations in Europe are weaker than in the US, with ongoing political instability in France and Germany, as well as market concerns about the sustainability of fiscal policies leading to lagging markets in the region. However, considering that most of the negative factors have already been reflected, investors should pay attention to whether local central banks and governments will increase support policies, as well as the development of geopolitical tensions between Russia and Ukraine to explore local investment opportunities. In terms of Asian stock markets, the Indian stock market is expected to face fewer impacts from the US-China trade tensions. Taiwan and South Korea's stock markets benefit from their close relationship with the global technology cycle, but investors need to watch out for recent political instability and the possibility of the technology cycle reaching its peak, which may affect market performance. China's shift in policy towards stabilizing the real estate market and stock market indicates support for growth and a focus on local demand, which will be favorable for market sentiment. In Japan, real wage growth is expected to continue to drive consumption, but the ongoing risk of US tariffs and their impact on external demand remains uncertain. Japanese Prime Minister Shigeru Ishiba supporting companies in raising wages in the spring and increasing the minimum wage, the Bank of Japan may have more conditions to raise interest rates again, a strong yen combined with higher interest rates will bring headwinds to corporate profits in 2025, requiring attention to related risks.