Tiger International's Global Partner, Xu Yang, expressed greater confidence in Hong Kong and A-shares for the first half of the year. Within the Hong Kong market, he holds a more optimistic view on innovative drug stocks, internet platform stocks, and new consumer stocks. Despite a strong start for the stock market this year, he stated they are temporarily maintaining their year-end target for the Hang Seng Index at 30,000 points, while the target for the A-share market is 5,000 points. Regarding asset allocation ratios, he suggested allocating 25% to the US, 60% to Greater China, and 10% to 15% to fixed income. He views AI as a viable long-term investment over 15 to 20 years but warns of short-term downside risks. Commenting on the recent wave of AI-related stock listings, he noted that, from a brokerage perspective, these companies are largely driven by sentiment. While subscribing to new issues can be profitable technically, he cautioned that pure large model companies carry very high valuations, have low survival rates, face regulatory risks, and are susceptible to significant stock price corrections. He frankly stated that he has not yet seen any pure large model company with particularly reliable profitability list, and their future profit pressure is immense. Consequently, he prefers platform stocks like Alibaba (09988) and Tencent (00700), which already have profits and the capability to implement large models. Xu Yang also forecasts that the average annualized return for US stocks over the next 5 to 7 years will be relatively low, between 3% and 5%, as both the US economic cycle and valuations are at high levels, and corporate profits may not meet expectations. His optimism for A-shares stems from their cheap valuations, increasing investor confidence, and a strengthening Renminbi. However, he advises investors to focus on A-share companies with substantial overseas revenue, strong overseas pricing power, and complete domestic supply chains. This positive view is also based on the profitable effect of IPOs and the good quality of A+H shares. Wang Shan, Chief Operating Officer of Tiger Brokers (Hong Kong), stated that Hong Kong IPO performance this year should not be poor. She also mentioned that, as of the 13th of this month, compared to the first 10 trading days of the previous month, the firm's margin financing volume has doubled. Furthermore, she said the company plans to invest USD 100 million in Hong Kong over the next two years, directed towards infrastructure and human resources, among other areas.