Morgan Asset Management's Chief Market Strategist in the Asia-Pacific region, Xu Changtai, pointed out that the ceasefire agreement between the US and Iran is fragile, and he is cautiously optimistic about the prospects of a satisfactory agreement between the two sides. He predicts that the situation in the Middle East will remain volatile in the coming weeks. He stated that the inflation caused by oil prices is temporary, and there is no need for the Federal Reserve to raise interest rates, therefore he maintains his prediction that the Fed will cut interest rates once before the end of the year. Xu Changtai further stated that if the US, Iran, and other countries cease fire in the second quarter, oil prices are expected to return to $80 to $90 per barrel. On the other hand, with the expectation of increased tariffs leading to continued inflation pressure, the space for substantial interest rate cuts in the US is limited. He estimates that oil prices may reach $120 to $150 per barrel in the worst case scenario. From an investment perspective, Xu Changtai continued to point out that the long-term view is still "stocks over bonds", and the current market volatility provides new entry points for investors. He recommends investors with ample cash on hand to gradually enter the market in stages, including investing in US tech stocks, as well as tech hardware companies in mainland China, Taiwan, and South Korea. While US tech stocks are becoming more attractive in terms of valuation, it is important to be selective. Xu Changtai also sees potential in financial, industrial, and defense-related sectors, with robotics and autonomous driving being the focus of the next phase of investment in the market. He believes that the listing of large AI model stocks in the US this year could boost market sentiment, although the investor base for these companies is relatively narrow. Furthermore, Morgan Asset Management still prefers the mainland Chinese and Hong Kong stock markets, believing in their promising prospects supported by the AI theme. If the situation in the Middle East remains stable and the Chinese economy continues to be stable, there is room for the Hang Seng Index to rise to 27,000 points. Xu Changtai recommends investors with ample cash on hand to slowly increase their holdings in Hong Kong stocks. He also has an optimistic long-term view on Chinese tech stocks, particularly favoring the newly listed large-scale models and semiconductor stocks in the next one or two years.