Manulife Investment Management has released its market outlook for 2025. The firm stated that the Asian stock market is facing a highly uncertain start in 2025, due to multiple factors such as geopolitical risks, leadership changes, changes in interest rate environment, and fiscal constraints. Chen Jinglin, Senior Portfolio Manager of Manulife Investment Management's Equity Division, expressed strong optimism for the memory sector, believing that the market still underestimates the growth potential of demand for High Bandwidth Memory (HBM). Chen Jinglin believes that the Chinese mainland market can focus on finding companies that benefit from government policies aimed at promoting domestic consumption, such as opportunities brought about by the development of localized supply chains. Additionally, the markets of South Korea and Taiwan each have unique characteristics in the fields of technology and artificial intelligence, showing distinct investment value. In the Taiwan market, there is an expectation for wider application of artificial intelligence in consumer products. Pam Lok Chin, Head of Asset Allocation and Senior Portfolio Manager for Manulife Investment Management's Asia region, stated that with the global easing cycle in full swing, over 50% of central banks have already started easing, bringing new investment opportunities for developed and emerging markets. At the same time, the trends of deglobalization and "nearshoring" are reshaping the global trade landscape, creating new opportunities for regional leaders and thematic investments such as artificial intelligence and clean energy. Murray Collis, Chief Investment Officer of Manulife Investment Management's Asia (excluding Japan) Fixed Income Product Division, stated that the Asian fixed income market will continue to demonstrate resilience in 2025. In an environment of a strong dollar and heightened interest rate sensitivity, Asian high yield bonds and investment-grade credits stand out, providing the advantages of diversified investment and demonstrating stable income potential.