5 2. 2025 2025 3. 2025In the first 5 years of the opening phase, a prudent defensive strategy is adopted, with a focus on positioning in high dividend-yielding assets with sustainable cash flow and undervalued high-quality value stocks.If the credit expansion momentum remains strong in the first quarter of 2025, combined with the stabilization and recovery of the economic fundamentals, the A-share market is expected to return to an upward trajectory in the second half of the year. At present, the inflection point of valuation repair has emerged, with profit growth as the core driving force. The darkest moment of valuation decline is already in the past, and future market performance will rely more on the endogenous growth momentum driven by corporate profits. Gold, as a core option for strategic asset allocation, is also the preferred tool for hedging geopolitical turmoil and systemic financial risks. Currently, as the Fed is about to start a rate-cutting cycle and with the strong demand for gold from emerging market central banks, the gold price trend is provided with solid support. This article is reprinted from the "Wind Wanda" WeChat public account, GMTEight Editor: Liu Xuan.