, the head of real estate research in the Greater China region at Bank of America, expects that the property market in Hong Kong will perform relatively well this year. However, she still estimates that second-hand property prices will drop by 3-5% compared to last year, mainly because developers will continue to reduce prices to clear excess inventory. Regarding the mainland China property market, she believes that after the Two Sessions in March, the central government may introduce more measures to promote urban renewal, which will be beneficial for the property market in mainland China. However, Bank of America prefers state-owned developers with financial resources and execution capabilities that can benefit from market stability. In addition, Julie Li Xin, an e-commerce analyst at the Bank of America Greater China region's Internet and Media Research Group, predicts that the size of the Chinese e-commerce market will grow by 7.5% to 16.8 trillion RMB annually by 2025, slightly slower than the 7.8% growth in 2024. The penetration rate of e-commerce is expected to reach 33%, with the number of online shoppers approaching 955 million. Yanlin Zhao, Co-head of the Bank of America China Research Department and Head of Asia-Pacific Basic Materials and Energy Research, expects the price of gold to reach $2750 per ounce this year, a 15% increase from last year, but predicts that oil prices will fall by 19% to $65 per barrel. Mingxun Li, head of the automotive industry and industrial sector in the Greater China region at Bank of America, pointed out that Huawei will launch more new models under the four HIMA brands (with sales approaching 800,000 units in 2025) and will establish more alliances with state-owned enterprises like SAIC and GAC. On the other hand, following the success of SU7, Xiaomi (01810) will launch its second model YU7 (SUV) in June/July 2025, with sales expected to reach 300,000 units in 2025.