this morning, the MSCI China Index rose, with the increase from the April low expanding to 20%. From the current situation, it is indeed strengthening the bullish trend of the Chinese stock market. Morgan Stanley stated that investors are particularly focused on new technologies and new business models in the Chinese market, especially on new consumer themes and artificial intelligence/technology-related themes. Investors are also giving more recognition to China's increasing capabilities in global technological competition, such as breakthroughs in the field of artificial intelligence and progress in areas such as electric vehicles, batteries, humanoid robots, etc., and are beginning to rethink strategies for investing in both the Chinese and American markets in a multipolar world. In terms of exchange rates, Morgan Stanley has shifted its view of the renminbi against the US dollar from depreciation to appreciation. This shift reflects its expectations of a weakening US dollar, with the US dollar index expected to fall to 89 by the end of 2026. At the same time, the euro against the US dollar is also expected to appreciate by more than 10%. However, Morgan Stanley expects the renminbi to appreciate relatively moderately against the US dollar by the end of 2026, possibly reaching 7.05.