Morgan Asset Management's Chief Market Strategist for the Asia-Pacific region, Xu Changtai, believes that in stock investments, it is preferable to favor large-cap stocks with positive earnings prospects; he is cautiously optimistic about AI-related concept stocks, and remains bullish on technology stocks for the next 2-3 years. Additionally, attention should be paid to financial, medical, and non-essential consumer goods. In terms of stock allocation, it should be diversified. In addition to being bullish on US stocks, the European stock market, which has long been overlooked, has a relatively large discount compared to US stocks. If there are concerns about the US presidential election, the European market can be seen as a diversification point for investment. Xu Changtai expects that the Japanese yen exchange rate has bottomed out, and the significance of breaking away from negative interest rate policy earlier was greater than actual. The Bank of Japan may have room to raise interest rates or reduce bond purchases in October this year. If the US Federal Reserve also cuts interest rates, it will be advantageous for the yen to strengthen, and it is also recommended to pay attention to the Japanese stock market. Regarding the mainland and Hong Kong stock markets, Xu Changtai pointed out that there is still a need for time to digest the inventory of real estate in China, and he expects that the Chinese economy will continue to be in a consolidation phase. He believes that investors are not willing to invest long-term in sectors such as e-commerce and the internet; in the future, there still needs to be several quarters of stable profit growth to attract fund interest, and he reiterates a preference for high-yield stocks.