<p>TF SECURITIES Chief Macro Analyst Song Xuetao will also be a speaker at the Alpha Annual Summit held by Wall Street Insights from December 20 to 21, sharing his latest outlook for the new year with the audience</p>

- The article discusses insights from Song Xuetao, a prominent macro analyst, on the macroeconomic outlook for 2025, focusing on U.S.-China relations, Federal Reserve policies, and market trends.  
- He predicts a "deep V" interest rate policy from the Fed, with initial rate cuts followed by increases, influenced by political pressures and inflation trends.  
- Song remains optimistic about the A-share market, attributing potential growth to ongoing reforms and the dismantling of the "Japanization" narrative, which previously hindered valuations of competitive Chinese companies.

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TF SECURITIES Song Xuetao looks ahead to 2025: The Federal Reserve will first cut interest rates and then raise them in a "deep V" pattern, the US dollar will weaken while the RMB appreciates, and A-shares will dispel the "Japanification cloud" to welcome valuation repair【Dialogue with one of the guests at the Alpha Summit】