The mainland has recently issued a series of policies, driving the mainland and Hong Kong stock markets to rebound from their low levels. Carmen Ho, Head of Investment Strategy Team at DBS North Asia (Wealth Management), stated that these unprecedented policies are helping to boost market sentiment. Many fund managers had previously reduced their China holdings, but with the introduction of new policies, they are now looking to increase their allocations to China, which could lead to a stock market rise. She mentioned that the impact of these policies on the earnings of listed companies has yet to be seen, but many fund managers had previously sold off Chinese stocks for various reasons. Now with the new policies, they are looking to increase their allocations, possibly even to their previous levels. In terms of sectors, Carmen Ho is optimistic about the prospects of high dividend-paying mainland bank stocks. When asked if the policies would affect bank profits and dividends, she expected the industry to be somewhat resilient to policy changes. She estimated that mainland banks' profits would remain steady, with no risk to asset quality or dividends. With an average payout ratio of around 33%, even if profits decrease slightly, they can still afford to pay dividends. She sees mainland banks as an alternative to bonds, with most returns coming from dividends rather than stock price appreciation. On the external front, Carmen Ho believes that interest rate cuts will be the theme of the fourth quarter, with the unexpected 0.5% rate cut by the Fed increasing the likelihood of a soft landing for the economy. She expects the stock market rebound to extend beyond US tech stocks. The bank has a slightly overweight recommendation for holding US and Asian (excluding Japan) stocks on a 3-month and 12-month basis. As gold prices have recently hit record highs, she admitted that even though prices are high, geopolitical factors and a weakening US dollar are bullish for gold. Therefore, gold currently accounts for around 6% of the overall allocation. Many central banks are looking to reduce their holdings of the US dollar and increase their holdings of gold as a safe haven asset. The bank has a 12-month target price for gold of $2,835 per ounce.