StanChart's North Asia Investment Director Zheng Zifeng stated that Trump's overall policy focus is on putting America first and promoting economic growth. Therefore, he recommends overweighting global equities, especially US stocks. He also sees opportunities in US small and mid-cap stocks and regional bank stocks as attractive investment opportunities, while continuing to remain optimistic about US technology, communication services, and large bank stocks. Regarding the mainland China and Hong Kong stock markets, Zheng Zifeng pointed out that due to a bias towards loose policies, he continues to like high-quality high dividend non-bank state-owned enterprises listed in Hong Kong, and suggests increasing exposure to non-essential consumer goods, communication, and technology stocks on dips, as these industries are expected to benefit from potential fiscal stimulus. Compared to offshore stocks in Hong Kong, he prefers onshore A-shares, which are more sensitive to domestic policies and less affected by global fund flows. He noted that as the economic growth cycle is prolonged and cash yields decline, global equities and gold are expected to outperform cash. He also predicts that the yield on the US 10-year Treasury bonds may fall to 4-4.25%, with developed market high-yield bonds likely to outperform, providing attractive income opportunities. He further pointed out that major central banks are expected to continue increasing their gold reserves, and with US debt potentially triggering safe-haven demand, the 12-month target price for gold has been raised to $2900 per ounce.