1. Operational Review: Maintaining a High Position, Little Structural ChangeIn November, a high position was maintained with little structural change. Industries remained focused on cloud computing, advanced semiconductor processes, the internet, and branded consumer goods. Overseas assets (excluding U.S. Treasuries) maintained around 80% of the portfolio, with AI investments constituting over 40%.2. Market Review: Rapid Decline in U.S. Treasury Yields, Rising Expectations for Interest Rate CutsDomestically, the overall trend continued. On the one hand, continuous policy measures were introduced to resolve local debt and real estate issues, controlling the risks of economic deceleration and instability. However, on the other hand, there was no significant improvement in real estate sales and consumption, leading to insufficient overall growth momentum. Despite this, there were bright spots at the micro level. For example, shopping platforms offering extreme cost-effectiveness in line w
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