Allianz Investment released its 2025 market outlook report, indicating that with the decisive results of the US election, the outlook for risk assets seems positive, and the US and global economies are expected to achieve a soft landing, but there may be hidden volatility in the future. Due to market expectations, the rate-cutting cycle may still be disrupted by a resurgence of inflation, so risks still exist. Now is the appropriate time to reconsider asset allocation, as one can choose to increase risk exposure, or increase holdings in illiquid assets such as private debt and infrastructure. Allianz Investment's basic scenario prediction for the US economy is a soft landing in sight, with slowing inflation and avoiding recession. This is favorable for various risk assets, especially US stocks, despite their relatively high valuations. Global economic differentiationwhere the US economy's growth rate leads Europe and Japan, may continue into the second term of a Trump presidency, and investors may need to navigate a geopolitical environment reshaped by tariff hikes and potential trade wars. Expected rate cuts are expected to benefit the bond market, but there is a risk of inflation resurgence, meaning investors should be prepared for potential market dislocations due to delayed rate cuts. Investors can consider adjusting their risk asset allocation by reallocating assets currently held in cash or low-risk money market funds to fixed income returns or medium-risk opportunities in the private market, in order to balance high-risk investments. With European regulations increasing inflows from retail investors, accelerating the growth of private debt and infrastructure, illiquid assets may become increasingly important as a diversification tool for investments.