UBS stated in a research report that against the backdrop of a strong U.S. economy, optimism about artificial intelligence, and future growth-promoting policies in the U.S., the outlook for the U.S. stock market remains optimistic. We expect the S&P 500 index to reach 6600 points by the end of 2025. Investors may consider using structured strategies to cope with volatility. We believe that in the context of geopolitical tensions, gold remains an effective portfolio hedging tool. (Jin Shi)