According to Jinshi Data, portfolio managers at Hanhua Investments said that despite concerns about a recession, they still believe that the US economy has the potential for a soft landing. The Federal Reserve still has ample room to cut interest rates and can mitigate a hard landing. However, if the Fed acts too late, a more severe economic slowdown may still occur. Investors need to remain flexible in responding to market volatility, which may continue until the end of 2024. As the US's anti-inflation efforts have pushed down yields, it is recommended to increase holdings of long-term high-quality bonds to lock in current yields. We are optimistic about the bottom value opportunities of Asian stocks. Even before the stock market crash, the valuation of Asian stocks relative to US stocks was attractive, and as the Federal Reserve begins to ease monetary policy, the US dollar may weaken, which is generally beneficial to Asian assets.