【Huatai Securities Research Institute Director Zhang Jiqiang: The market has already run ahead, and the volatility in the bond market may increase next year】 Jin Ten Data, December 23. The 2024 annual meeting of the China Wealth Management 50 Forum (the 11th session) was officially held in Beijing. Zhang Jiqiang, Director of Huatai Securities Research Institute, pointed out that Trump's new policy may bring uncertainties, and the asset allocation for next year will be relatively complex. As Trump takes more measures regarding efficiency and growth, the market may regain confidence in the U.S. economic outlook and reprice accordingly. Therefore, assets such as the U.S. dollar, U.S. stocks (like Goldman Sachs), and digital currencies may benefit, while East Asian regional markets, Chinese export-related assets, and oil prices may come under pressure. Overseas liquidity could benefit from the upward pressure on the dollar, while domestic liquidity remains ample. The bond market has already reflected these expectations of looseness, with interest rates having fallen to relatively low levels. However, this also poses significant challenges for bond market investments next year. Because the market has already run ahead, volatility in the bond market may increase next year, making it difficult for investors to grasp. (Financial Frontline) (Source: Jin Ten Data)