In Cai Xiuhong, director of the listing product sales department of FMSecurities, stated that looking back at 2024, the total turnover of warrants and bull/bear certificates increased by about 1%, accounting for 9% of the total market turnover. The focus of the warrant market was on products related to the Hang Seng Index. Investors not only deployed the market volatility, but also made good use of the product features of bull/bear certificates to control risks. In addition, investors' interest in US stock warrants has significantly increased, and they are using US stock warrants during Hong Kong trading hours for early deployment. Zhou Hanhong, director of the listing product sales department of FMSecurities, estimated in his 2025 market outlook that the profits and market value of American companies as a percentage of global companies will continue to increase. The growth potential of the seven tech giants will remain a focus for global investors. It is expected that Hong Kong investors' interest in trading US stocks during Asian trading hours will continue to increase. There is a chance for related warrants trading, street trading volume, and fund flows to reach new highs again. The year-end target for the S&P 500 Index is expected to be 6750 points, and the rating for Chinese stocks remains at "increase holdings". As for the Hong Kong stock market, Zhou Hanhong expects that the ATMX warrants implied volatility will stabilize, and using warrants to capture the next wave of directional market opportunities similar to what happened in September last year. Sectors and themes worth noting in the first half of the year include stable high dividend stocks: telecoms - China Mobile (00941), China Telecom (00728), China Unicom (00762); banks - HSBC Holdings (00005), China Construction Bank (00939), Industrial and Commercial Bank of China (01398); resources - CNOOC (00883), PetroChina (00857); real estate and REITs - Link REIT (00823). He also mentioned that Xiaomi Group (01810) is worth noting in the robotics and AI-related sectors; BYD Company (01211) in the electric vehicle and environmental sectors. However, investors should also watch out for potential risks such as global trade wars, developments in US-China relations, and inflation uncertainty.