Under the baseline scenario, from the perspective of the credit cycle framework, we believe that the U.S. credit cycle is gently restarting, while the Chinese credit cycle may no longer contract. It is also important to note that the three "macro pillars" that have formed in the U.S. over the past few years—namely, large fiscal spending, technological trends, and global capital rebalancing—provide continuous momentum for growth and the market. If Trump's policies further strengthen these pillars, it could reinforce or even widen the gap between the U.S. and other markets, similar to the "Reagan cycle" in the first half of the 1980s, which brings upward risks that deserve attention. (CICC)