1. Comprehensive judgment: Stocks ≥ Commodities = Gold ≥ BTC (Not bearish, or there may be a huge expectation gap) 2. US stocks: 1. Liquidity: Moderate interest rate cuts (baseline 2 times, total 50BP 3.0%-3.25%; optimistic 4 times 100BP; pessimistic 1 time 25BP); 2. Industry: AI industry cycle (When everyone is not afraid of the wolf coming, that's when the real wolf comes. Now it's similar to the internet era of 1996-1997, 2028 may be a turning point; capital expenditure to application verification, commercial barriers and profits determine valuation...