Xuchangtai, chief market strategist for Morgan Asset Management in the Asia-Pacific region, suggested lowering the stock-bond allocation ratio from 6:4 at the beginning of the year to 5:5, and even recommended more conservative investors to adjust the ratio to 4:6. He suggested reducing the proportion of US stocks held, adding more European stocks, reducing non-essential consumer goods and companies with high import relevance, and favoring utilities, services, finance, and companies in the healthcare industry that provide services and develop drugs. He is optimistic about the mainland China, Hong Kong, Japan, and Indonesia markets, focusing on high-quality companies with strong cash flow and bargaining power. Xuchangtai expects the US to start cutting interest rates as early as the end of July, with actual cuts in September, October, and December, three times during the year, totaling 75 basis points. The current market consensus is for a rate cut in June, he added that for the Fed to cut rates in June, the non-farm employment data for March and April may need to fall below 100,000.