Fidelity International's Hong Kong and China offshore distribution director Pan Enmei stated that under the long-term trend driven by artificial intelligence and other factors, growth stocks have surged sharply. The valuation of the seven technology giants in the US market has risen to high levels, apart from the leaders, there are few attractive stock choices in terms of valuation. Investors should not overlook opportunities beyond growth stocks. In recent years, many major banks have also paid attention to value stocks in Europe, selecting European Eleven Giants, Seven Wonders of Europe, and European Super Seven Giants as value stocks. Although the prices of some companies have risen, the momentum is still lagging behind the US technology giants. The industries involved are more diverse, including technology, pharmaceuticals, industry, and high-end brands, and most of their businesses are global, with profits less affected by the European economy, and are more likely to benefit from the European interest rate cut cycle. He mentioned that in the global stock market, the price increase and the return brought by reinvestment of dividends account for about half of the total return in the past 20 years. However, dividend culture varies significantly in different regions. In Europe, the management teams of companies usually prioritize dividends to shareholders. On the other hand, the situation in Asia is the opposite, but different markets within the region, such as Japan, China, and Korea, have been pushing for reforms that are more favorable to shareholders. Pan Enmei also pointed out that compared to past levels or other stock markets, the valuation of the US stock market is relatively high. Markets outside the US are offering investment opportunities. For example, in the European market, the number of undervalued companies is much higher than in the US market. According to data from May of this year, there are about 25 companies in the S&P 500 index with a price-to-earnings ratio of less than 10, compared to 87 companies in the MSCI Europe index. If a price-to-earnings ratio of less than 15 is used as a point for discovering value stocks, the European market can offer close to 200 choices. Investors may find many attractive valuation and fundamentally sound value stocks, such as some cyclical consumer stocks that may benefit from rising wages. He concluded that overall, the European market is not lacking in attractively valued companies, offering investors diversification opportunities beyond growth stocks. In addition to valuation, investors should also consider companies with sturdy balance sheets, profit expectations, higher profit margins, and stable businesses. By investing in these discovered European giants, investors may reap rewards, but if they are looking for "treasure-level" value stocks with the potential for significant price increases, they may need to discover high-quality gems that are not widely known in the market.