Barclays' Global Multi-Asset Manager Michael Kelly has released the 2025 outlook for multi-asset. He believes that in the stock market, the economy is expected to accelerate in the second half of 2025. Sectors worth watching include large US bank stocks, mid-cap stocks, and stocks from the UK and Taiwan. These stocks will become core investments in the structural growth areas following themes such as productivity improvement, transition to new energy, high-quality US stocks, and the Indian market. In fixed income, credit spreads on various categories of US bonds have generally narrowed, but the Asian high-yield bond market and US mortgage-backed securities are exceptions, as they have not been affected by the market conditions, maintaining normal spread levels. China is shifting reserves from US treasury bonds to gold to reduce dependence on the US dollar, and with the People's Bank of China introducing measures to stabilize the renminbi, gold is further consolidating its role in the international market. In addition, with weakening economic ties and increasing geopolitical risks, gold is becoming an increasingly important strategic hedging tool. Barclays Investments noted that while President-elect Trump's tariff, immigration, and tax policies are currently seen as "hot" policies that may exacerbate inflationary pressures, there is a tendency in other policy areas to support entrepreneurship and improve the supply side. Therefore, the market situation next year may be a tug-of-war between inflationary populist measures and policies dominated by detaching inflation, entrepreneurship, and the supply side.