Morgan Asset Management's Chief Market Strategist for Asia Pacific, Xu Changtai, pointed out that the ceasefire agreement between the US and Iran is fragile, and he is cautiously optimistic about the possibility of both sides reaching a satisfactory agreement. He predicts that the situation in the Middle East will remain volatile in the coming weeks. He believes that the inflation caused by oil prices is temporary, and there is no need for the Federal Reserve to raise interest rates, thus maintaining the prediction of a rate cut by the end of the year. Xu Changtai noted that if the US, Iran, and other countries reach a ceasefire in the second quarter, oil prices are expected to return to $80 to $90 per barrel. On the other hand, expectations of increased tariffs will continue to put pressure on inflation, limiting the room for aggressive interest rate cuts in the US. He anticipates that oil prices could potentially reach $120 to $150 per barrel in the worst-case scenario. From an investment perspective, Xu Changtai continues to believe that stocks are better than bonds in the long run. He recommends that investors with ample cash gradually enter the market, including investing in US technology stocks, as well as technology hardware companies in Taiwan, and South Korea. Although the valuation of US technology stocks is becoming more attractive, Xu Changtai advises investors to be selective. He sees potential in the financial, industrial, and defense sectors, with a focus on robotics and autonomous driving in the next investment phase. He also expects the listing of large AI model stocks in the US to boost market sentiment, but notes that the investor base for these companies is relatively narrow. Furthermore, Morgan Asset Management still favors the mainland China and Hong Kong stock markets, believing in their promising outlook supported by the AI theme. If the situation in the Middle East remains stable and the Chinese economy stays steady, Xu Changtai suggests that the Hang Seng Index has the potential to rise to 27,000 points. He recommends that investors with ample cash slowly increase their holdings in Hong Kong stocks. He is also optimistic about Chinese tech stocks in the long term, particularly those that have recently been listed, such as large-scale models and semiconductor companies.