In the next 12 months, DBS Bank's China Stock Strategist in Hong Kong, Huo Huimin, estimates that the Hang Seng Index target will be 20600 points. This is mainly based on expectations that the US will cut interest rates twice this year, coupled with the "soft landing" of the US economy, which will provide strong support for corporate profits. She maintains a neutral allocation for the US, Europe, and Japan stock markets, while remaining overweight on markets in the Asia-Pacific region excluding Japan. Huo Huimin believes that the advantage of the Hong Kong stock market lies in the recent encouragement of innovation and emerging industries at the Third Plenum, which will drive economic growth. Moreover, the support from local government finances is believed to be a driving force for long-term growth. Deng Yongjian, Chief Investment Officer at DBS Bank's Hong Kong branch, stated that after two interest rate cuts in the second half of the year, the overall macro environment is expected to have a positive impact on long-term investment opportunities. However, short-term risks are expected to gradually increase. He continued that the view on Hong Kong stocks remains neutral, mainly because of lower valuations compared to other markets, with fundamentals slowly improving. He maintains a neutral stance on bonds due to fluctuations in US interest rates. Additionally, he believes that assets with high security, such as gold, should be included to safeguard the entire asset allocation portfolio.