According to the latest market outlook released by Allianz Investment, the market atmosphere will change in early 2025. With Trump regaining the White House, the U.S. stock market not only did not rebound like it did during his first term in 2017, but instead, the U.S. market has declined, while European stock markets have surged. In the face of severe geopolitical realities, European countries are adjusting their fiscal policies to promote structural economic growth. This shift is a critical moment for both the economy and politics, triggering a comprehensive rebound in European stock markets. Allianz Investment believes that so far, the trend of capital flowing into European markets has had little significant impact on the current overweight investment pattern in the U.S. market, so it is still not too late to participate. Overall, the firm is optimistic about the stock market outlook. However, due to the uncertainty of U.S. policies putting pressure on the market, the firm remains cautious. In the U.S., tariffs and the uncertainty of economic and government policies are dragging down economic growth. Some measures by the new U.S. government may weaken the country's status as a safe haven for investment. In this environment, investors face risks including rising U.S. inflation, slowing global growth momentum, and the potential outbreak of a comprehensive and prolonged trade war. During this period, Allianz Investment believes that active investment management is crucial. Virginie Maisonneuve, Chief Investment Officer of Global Equities at Allianz Investment, believes that there is still room for growth in European stock markets, but considering the market's volatility and uncertainty, attention will also be paid to other global markets to build a cross-regional balanced investment portfolio. The reaffirmation of "European sovereignty" and the subsequent increase in spending commitments are expected to benefit several key industries, including cybersecurity, artificial intelligence, and defense. Currently, European investors have a low allocation in the construction sector. However, the rapid growth of global data centers has a long-term positive impact on the industry and is expected to benefit from post-war reconstruction in Ukraine. In addition, the market capitalization of the Indian stock market has reached $4 trillion, with a higher degree of industry diversification compared to other emerging markets. Its valuation may also provide an attractive margin of safety. The firm believes that China's valuation is also attractive and has gained widespread attention due to its emphasis on technology (such as Embodied Intelligence and humanoid robots)