According to CoinMeta, Fidelity International's senior global macro strategist Max Stainton stated that the U.S. economy still exhibits strong resilience at present. Investments related to artificial intelligence ( AI ) and corporate earnings continue to provide momentum for growth, and the labor market remains robust. Looking ahead to 2027, as the impact of high interest rates on the housing market, consumption, and other interest-rate-sensitive industries gradually becomes apparent, it is expected that U.S. economic growth will slow down moderately and move towards its long-term trend, rather than experiencing a significant recession. On the other hand, inflation risks remain on the rise, and factors such as a tightening labor market and global supply constraints may slow down the process of inflation cooling down. Although solid corporate earnings and AI investments continue to support the market, high yields on global government bonds, increasing fiscal pressures, and geopolitical uncertainties make the investment environment more challenging. Especially with market gains being concentrated and different assets having varying sensitivities to interest rate changes, investment opportunities may further diverge. Currently, a neutral stance is maintained towards stocks, credit bonds, government bonds, and cash. In the short term, the focus is on observing changes in market risks and valuations, and taking opportunities to capitalize on the re-pricing of different assets.