As 2025 comes to a close, one of the biggest uncertainties in the market is: Can the &#34;celebration&#34; of global risk assets this year continue into 2026?
In the early hours of October 30, Beijing time, the Federal Reserve announced a 25 basis point interest rate cut, initiating the second rate cut of the year, and announced the end of its &#34;balance sheet reduction&#34; process on December 1.
Stimulated by monetary easing, U.S. stocks have recently continued to hit historical highs. Although the S&amp;P 500 experienced a slight pullback after the Fed's rate cut on October 30, compared to the &#34;deep pit&#34; caused by Trump's equivalent tariffs that led to a sharp decline in U.S. stocks in April, the increase has exceeded 40%.
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In 2025, the A-share market also experienced a bull market. By the end of October, the Shanghai Composite Index surpassed 4000 points, continuously reaching new highs in nearly a decade. The technology sector, represented by industries such as chips, optical modules, and storage, as well as the innovative drug sector, has performed the strongest in A-shares this year, with some leading tech stocks' year-to-date gains exceeding 5 times. This has raised a question: Do these companies have sufficient profit growth to support and gradually &#34;digest&#34; the significant increase in valuations?
As the best-performing asset class in the past two years, gold has quickly broken through the $3000 and $4000 per ounce thresholds this year, continuously setting historical highs. However, after approaching $4400 in mid to late October, gold recently experienced a significant 10% pullback, with prices temporarily falling below $4000. Is this just a brief technical correction? Or has the driving force behind gold's medium to long-term bullish trend changed? After two consecutive years of significant gains, has gold transitioned from a traditional &#34;safe-haven asset&#34; to a new risk asset?
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The Japanese stock market has also seen a sharp rise this year, with the Nikkei 225 index increasing by over 70% since its low in April!
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Recent political changes in Japan have also impacted the market. Sanae Takaichi took office on October 21, becoming Japan's first female Prime Minister. Takaichi is known for advocating monetary easing policies, and within 48 hours of taking office, she announced a 14 trillion yen super stimulus plan, which helped the Nikkei 225 index break through 50,000 points to set a new historical high. On October 30, the Bank of Japan held its ground and did not raise interest rates, in line with previous market expectations
After Takashi Sakamoto was elected president of the Liberal Democratic Party, the yen weakened and the stock market rose. The market has begun to discuss whether &#34;Sakamoto Economics&#34; can truly continue &#34;Abenomics&#34; and continue to boost the Japanese economy.
During the APEC summit held in South Korea from late October to early November, the latest round of meetings and communications among world leaders will inevitably have an impact on the medium- to long-term trends of the global economy and financial markets.
In the next two months, a series of &#34;major events&#34; in global politics, economics, trade, and finance will unfold, from the United States to Japan, from tariff negotiations to the Federal Reserve's interest rate cuts and the new Japanese government's economic policies. How will the direction of global capital markets change?
Market changes are unpredictable—there are too many variables to consider and too many questions waiting to be answered. Whether institutions or individual investors, while reviewing the market trends of 2025 and weighing gains and losses, they are also beginning to look forward to the global market trends and investment strategies for 2026.
In late November, during the golden autumn season, Wall Street Insights invites you to join the &#34;Wilderness Journey&#34; in Chongqing for a study tour, where you can hike through Chongqing's &#34;Little Jiuzhai&#34; to appreciate the beautiful scenery, and meet more like-minded individuals to discuss asset allocation trends behind closed doors. We have also specially invited renowned macroeconomist Fu Peng and Yu Le, founding partner of Wufan Capital, to serve as mentors for this study tour.
Teacher Fu Peng has over 10 years of experience working in overseas hedge funds and has a profound understanding of the rotation between major asset classes in the global capital market and the global macro economy. In the closed-door sharing session of this study tour, he will share the latest insights on the changes in major asset allocation trends for 2026.
Teacher Yu Le will provide students with a forward-looking perspective on investment opportunities in China's technology and healthcare industries for 2026 during the closed-door sharing session. Yu Le has over 20 years of management experience in investment management, strategic consulting, and the technology industry. He founded Ping An Venture Capital (the VC business of Ping An Group) from scratch and has recently focused on investment and financing, as well as merger and acquisition consulting in the technology and healthcare sectors.
As of now, nearly 20 high-net-worth individuals, mainly Alpha annual members, have confirmed their participation in this study tour event from November 21 to 23, most of whom are business owners and senior executives in the financial industry. For detailed information about this Chongqing wilderness study tour, please refer to the event poster below, click on the poster to register! Early bird discounts are currently available.
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Friends interested in this Chongqing study tour may also consider traveling with family. Chongqing is surrounded by mountains and rivers, backed by the Bashan and Wushan mountains, with the Yangtze River and Jialing River flowing through the city. It is a cultural city with a history of over 3,000 years, known for its unique topography as the &#34;Mountain City&#34; and &#34;River City.&#34; The unique Yangtze River cableway, the bustling night scene of Hongya Cave, and the food culture represented by spicy hot pot—these Ba Yu customs are truly captivating
When you participate in a closed-door sharing session and chat about asset allocation trends with industry leaders like Fu Peng and Yu Le, your family can also enjoy the scenic beauty of the mountain city. Together, you can hike around Jinshan Lake in Nanchuan, explore the &#34;Jiuzhaigou&#34; of Chongqing, appreciate the autumn scenery along the lake, savor Chongqing river cuisine, and spend a wonderful weekend.
Finally, a reminder that the &#34;Meet &amp; Wilderness Walk&#34; Chongqing study tour will be held from November 21 to 23. Interested friends can click here to register. If you want to know more details about the event, you can also click the image below to consult Alpha Assistant.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/5c0cb4a7-ed2b-4cbd-9298-d14b4e9a13ad.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/5c0cb4a7-ed2b-4cbd-9298-d14b4e9a13ad.jpeg"/>
Risk Warning and Disclaimer
The market has risks, and investment requires caution. This article does not constitute personal investment advice and does not take into account the specific investment goals, financial conditions, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances. Investment based on this is at your own risk

As 2025 is about to end, global markets are focused on whether risk assets can continue to rise in 2026. After the Federal Reserve cut interest rates by 25 basis points, U.S. stocks reached an all-time high, and A-shares also broke through 4,000 points at the end of October. Technology stocks performed strongly, but whether earnings growth can support high valuations raises questions. Gold prices have experienced a pullback, and whether it will transform into a risk asset remains to be seen. The Japanese stock market surged significantly under the new Prime Minister's stimulus policies, with the Nikkei 225 index reaching an all-time high

- As 2025 concludes, market participants are questioning whether the global rally in risk assets can continue into 2026.  
- The Federal Reserve's recent 25 basis point rate cut and the end of its balance sheet reduction have contributed to record highs in U.S. stocks, while A-shares have also seen significant gains, particularly in technology sectors.  
- Upcoming global events, including the APEC summit and shifts in economic policies in Japan, are expected to influence the financial landscape, prompting investors to reassess strategies for 2026.

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Can the global stock market carnival last into the new year? Chongqing study tour discussion: A chat with Fu Peng and Yu Le about asset allocation trends in 2026