Singapore Bank's Chinese stock strategist Huo Huimin predicts that the target for the Hang Seng Index for the whole year is 23,000 points, with a conservative target of 18,500 points, and believes that the conservative target can be reached in the first quarter. In addition, the Hong Kong property market is expected to be soft this year, with a low single-digit decline expected; while the Chinese property market is expected to bottom out with the implementation of policies this year. The bank expects long-term upward pressure on US inflation numbers, with a 12-month gold spot price target of $2900. Huo Huimin said that uncertainty factors have increased in the market this year, leading to higher volatility than before, so high dividend stocks will be the main defense in the first quarter of this year. She believes that the Chinese government's stimulus economic policies will continue and continue, with policy quotas expected to increase by double to 300 billion yuan this year compared to 2024. With the implementation of policies, she is optimistic about the internet sector and some sectors benefiting from policies, such as automotive, home appliance, and bank stocks. In addition, as the Spring Festival approaches and liquidity tightens, it is expected that the central bank may cut interest rates again. UBS Global Chief Investment Officer Xie Peihua said that with Trump taking office, inflation may return, putting pressure on the US Federal Reserve's space for interest rate cuts, and expects the US to cut interest rates only once this year. Deng Yongjian, Chief and Investment Officer of the Hong Kong branch of Singapore Bank, pointed out that market uncertainty has been increasing in recent years, with volatility becoming higher, and the cyclicality less clear than before. He is currently bullish on the stock market, with a preference for the United States and then Asian markets. However, as the US stock market is at a high level, he expects consolidation to be the main trend in the first half of the year, with an expected return for the whole year of nearly 7%.