Huatai Securities' mid-term outlook for 2025 highlights that the ongoing restructuring of the global order is significantly altering the dynamics of asset pricing. This shift is exacerbated by the complex interplay of various macroeconomic factors, such as tariff policies, the state of the global economy, and geopolitical tensions. Consequently, asset volatility has surged, and market trends have weakened. In this volatile and uncertain environment, investors are urged to prioritize valuation, margin of safety, odds, and ergodicity. It is advisable to adopt a strategy that emphasizes high-odds, low-correlation investments, thereby maintaining operational flexibility. Investors should dynamically adjust their portfolio allocations based on evolving odds and actively seek out structural opportunities across regions and industries. With the gradual weakening of the US dollar, non-US assets may outperform, while European assets present a higher likelihood of success. Additionally, emerging markets, such as Hong Kong stocks, offer attractive investment opportunities. Concurrently, investors should keep a close eye on the AI technological revolution, the expansive domestic demand sector fueled by fiscal expansion, and key areas including the military industry and autonomous controllability.